To say IndyMac CEO Michael Perry is in a tough spot is an understatement. He might be on a mission impossible.

For much of the past year, IndyMac has been zigging while the rest of the troubled mortgage industry has been zagging.

The big California-based lender built a retail force of almost 1,500 people, largely by hiring workers from failed and troubled mortgage competitors.

Friday, however, the tables turned. IndyMac said it plans to cut 1,000 jobs, 10 percent of its total workforce, trim its stock dividend and possibly post a loss in the third quarter as it converts almost all of its business away from riskier borrowers to conforming loans that can be dealt to Fannie Mae and Freddie Mac.