IndyMac Mortgage Holdings Inc. said Wednesday it is likely to take a loss in the fourth quarter.
The real estate investment trust said that it could not determine the size of the loss but said in a recent filing with the Securities and Exchange Commission that losses because of asset sales from Oct. 1 to Nov. 13 amounted to $14.5 million after taxes.
Facing the same liquidity problems that have forced other REITs and lenders into bankruptcy, IndyMac has been selling assets to reduce its leverage. Since Sept. 30 it has shed $700 million, and it plans to liquidate another $1 billion to $1.5 billion.
As reported last week, IndyMac laid off 280 employees, or 19% of its work force, primarily in areas such as manufactured-housing and construction lending, where it is pulling back.
Also Wednesday, Criimi Mae reported a net loss of $8.7 million for the third quarter. The Rockville, Md., REIT filed for bankruptcy protection last month.