WaMu tightens mortgage ship

Sues IndyMac for breach of contract, cuts thousands of staff

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The abrupt slowdown in the home loan refinance market apparently has sent some lenders on a mission to clean house of all bad loans.

Washington Mutual last week filed a lawsuit against IndyMac Bancorp for alleged breach of contract involving loans it acquired from IndyMac after buying PNC Mortgage Securities in 2001.