IndyMac Bancorp Inc. (NYSE:IMB) is sinking more than 43% ahead of today’s opening bell, after the holding company announced late in the trading day Monday it would stop new loans. The Pasadena, Calif.-based company also said it will cut about 3,800 jobs, affecting more than half of its workforce. The mortgage lender is feeling the pressures of a weak economy and a housing market that has been crumbling for months. Shares of the stock are down more than 88% since January.

Ahead of today’s opening bell, shares of IndyMac Bancorp are at $0.42, down $0.32 from Monday’s close. During the past year, IndyMac shares have ranged from $0.56 to $31.32.

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