employees, or 19% of its work force, a company spokesman said. The layoffs were "across the board," the spokesman said, but concentrated in areas where the company expects to see lower volumes, such as construction lending, third-party lending, and manufactured housing finance. IndyMac is a real estate investment trust and residential mortgage conduit created by-but separate from-the nation's largest independent mortgage bank, Countrywide Credit Industries, of Calabasas, Calif. Feeling the same credit problems that have forced other REITs and lenders into bankruptcy, IndyMac plans to reduce its balance sheet to $5 billion by yearend, from $7.5 billion in late September. Other mortgage companies forced to cut staff in recent weeks include specialty lenders FirstPlus Financial Group, Dallas, and United Companies Financial Corp., Baton Rouge, La.

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