Mortgage Lender Lays Off 2,403 Employees

AP:

Mortgage lender IndyMac Bancorp Inc. said Tuesday it will slash its work force by 24 percent, laying off 2,403 employees in a bid to cut costs as it tries to weather the worsening housing slump and problems selling home loans to investors.

The job cuts include a significant reduction in temporary vendor staffs, mainly in India, the Pasadena-based company said.

Around 1,000 of the employees targeted by the company were being cut immediately with one to three months of severance pay. Others leaving the company include some who accepted early buyout packages, voluntarily resigned or are expected to resign by the end of March, the company said.

Read the whole story: AP

Comments

[vippy]

perhaps those laid off will get a brain and vote for Kucinich!

[MajorKong]

I'm sure one of our resident libertarians will be along to tell us these people all deserved to be fired because they were lazy and lacked discipline.

[watchingthings]

those lenders took the money from those who couldn't afford the mortgage in the first place. They became Billionairs bt making the average public pay for what this "young republican" bunch of assholes did.

[texastornado]

THE PRIVATE banker of the FEDERAL RESERVE:
CREATING WARS FOR FUN AND PROFIT
http://www.wakeupfromyourslumber.com/node/5331

[SubparDude]

Whoopie. . .I bet we all get one of those neato severance packages worth $110MM.

I deserve one more than that CEO. I lostem nuthin.

[workingboy]

"temporary vendor staffs in India" ... WTF is that? No wonder this house of cards is crumbling. And what does MSM focus on? Political opinion polls. A friend in a super Tuesday state tells me she is pestered non-stop by pollsters. The polls are not scientific; the questions are loaded. One has the feeling that pollsters are screwing the politicians.
The Huckster wants to rewrite the Constitution to follow the Bible? If so, non-virgins, beware! And businessmen, you no longer have a license to steal.

[themodernleader]

The largest financial bubble in human history produced an abundance of well paying paper shuffling jobs and other jobs in the building and rehab trades. Now these jobs are disappearing almost as fast as the fraud perpetuating banks and other financial institutions are shrinking or going bankrupt.
What short-term and long term plans are envisioned to replace those jobs with other than service or servant jobs? Any answer must include draconian restrictions on foreigners buying up our assets while placing severe restrictions on imports so we can begin the arduous task of rebuilding our manufacturing and technological capacity.
Any other "free trade" inclusion will lead us further into destitution and ruin.

[WIpatriot]

"Mortgage Lender Lays Off 2,403 Employees"

And the stock market drops on the bad news.
Reason du jour.

[studlyguy]

sorry this is not going to be a moderate recession,it's going to be so deep of recession it will look like and could very well be what people are afraid to say or think if not one ,sure look and feel very close to that dreaded word people shy away from depression ,cause the misery is spreading across the globe worldwide depression on the way

[midwestvoter]

The Polls the media does not want you to see:

http://firedoglake.com/2008/01/14/the-polls-you-wont-hear-much-about/

[Badwater]

Layoffs are no problem because all these people have their share of the BUsh tax cuts to fall back on, right Republics?

[sparkey]

We'll know when we're really in trouble, as if we aren't now, when the banks have a bank holiday. I don't know how much the American dollar will be worth after the banks re-open, but it certainly won't be worth as much as it is, now.

[StanTheManic]

This isn't even news here in Des Moines. Wells Fargo Home Mortgage, the area's largest employer, will take on 1,500 - 2,000 new employees every time the interest rates drops a bit. The local TV news crews come out and cover the lines of people being hired. Then when the rate goes back up, and all those people get shit-canned, no news crews are to be found. [If you saw Iowa Caucus coverage on TV, you saw a lot of cornfields. Wells Fargo is a BIG ASS employer, with indoor plumbing and everything­.]

[ibsteve2u]

Please, please tell me that all 2,403 employees have great big mortgages from IndyMac Bancorp Inc.

[joja]

And yet, TV and the Internet are still being bombarded with ads for people to hurry, hurry, hurry and take out one of these predatory loans! And, while the suckers are at it, be sure to get one of those obscene high-interest credit cards, too!

Why aren't these businesses more regulated? Why are they allowed to continue trolling for these disastrous scams?

There's no incentive to stop. As long as taxpayers are there to bail the banks out, the debt-induced slavery of the American public will continue.