Federal Probe of Mortgage Lenders Goes Nowhere

CHICAGO (Reuters) – Federal criminal investigations into failed mortgage lenders IndyMac Bancorp and New Century Financial Corp have stalled, the Wall Street Journal reported on Saturday. A third probe, into Washington Mutual Inc (WaMu), has ended with no charges being filed, the Department of Justice said. Both the IndyMac and Century Financial investigations were essentially …

60-day notice for 4000 WaMu employees

J.P. Morgan Chase & Co. announced plans to lay off about 21% of Washington Mutual Inc.’s employees by the end of 2009. J.P. Morgan, which acquired WaMu in September for $1.9 billion after it was seized by the government, told employees yesterday that it will lay off 4,000 workers by the end of January, according …