IndyMac plans 1,000 layoffs as it moves to GSE-eligible loans

Third-quarter losses could hit $38 million

IndyMac Bancorp Inc. will shed 1,000 employees, or about 10 percent of its workforce, in the next several months as it limits loan production to those eligible for repurchase by government-sponsored mortgage repurchasers Fannie Mae and Freddie Mac.

IndyMac announced today it could post third-quarter losses of 50 cents per share, or $38 million, because of illiquidity in the secondary markets and widening spreads for all mortgages not eligible for sale to the government-sponsored entities (GSEs) Fannie and Freddie.