IndyMac Buys Mortgage Business

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New York Mortgage Trust Inc. said Wednesday that it is selling its assets for $13.4 million to IndyMac Bank.


As part of the transaction, Indymac Bank F.S.B., a wholly owned subsidiary of IndyMac Bancorp. Inc., will purchase 21 full service and 11 satellite retail mortgage banking offices located in 11 states. It also will retain all branch employees and loan officers, as well as use of the New York Mortgage Co. name. The deal is expected to close by March 31.


Shares in the Pasadena mortgage company were down 21 cents to $38.39 in midday trading Wednesday.

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