IndyMac Mortgage Holdings Inc. said Wednesday that its board has approved a plan to convert from a real estate investment trust to a taxable savings and loan company.

After obtaining a federal savings and loan charter, IndyMac said, it would become a taxable depository institution. The conversion also needs shareholder approval. IndyMac said that if all necessary approvals cannot be obtained, it may seek to terminate its REIT status anyway on Jan. 1.

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