IndyMac Mortgage Holdings Inc. reported a net loss of $73.7 million in the fourth quarter, due to special charges of $81.2 million.
The real estate investment trust, based in Pasadena, Calif., had said in November after the market for its mortgage-backed securities bottomed out that it would have to take a fourth-quarter charge. IndyMac fired about 20% of its employees in November.
IndyMac also said it has negotiated $700 million of new financing, including a $200 million commercial paper conduit facility from Bank of America to fund its builder construction loan program and a $500 million line of credit from Morgan Stanley Dean Witter.
In addition, the subprime conduit said that it is in negotiations with several other commercial banks for committed lines of credit.
IndyMac's loan production volume in the fourth quarter was $2.7 billion, a 44% decrease from the third quarter but about the same as in the comparable 1997 period.
IndyMac's shares rose 31.25 cents Thursday, to $11.0625.
Chairman David S. Loeb and chief executive Angelo R. Mozilo have entered into five-year employment contracts with IndyMac, said company president