IndyMac halts lending, will cut half its workforce

IndyMac Bancorp Inc. announced Monday that it's no longer considered "well capitalized" by regulators, has stopped accepting new loan submissions or rate locks, and will lay off 3,800 employees -- about half of its workforce.

IndyMac Chairman and CEO Michael W. Perry promised the company will honor all existing rate-locked loans and will continue to fund the loans in coming weeks.

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