January 12, 2006 |
Home Depot Inc. and IndyMac Bancorp Inc. will begin lending as much as $2 million to individual home contractors and developers to boost revenue from the home-building industry. Under the new "Spec" Construction Loan program, builders can borrow the money for as long as 18 months, Atlanta-based Home Depot said. Builders also will get 5% rebates on Home Depot products, the company said. Spec refers to speculative homes built before they are sold to a consumer.
July 13, 2007 |
IndyMac Bancorp Inc., the second-biggest independent U.S. mortgage lender, sold its Pasadena building for $116 million to Wells REIT II. The sale, which included a provision allowing IndyMac to lease back part of the building, will give the bank a gain of $60 million, IndyMac said in a Securities and Exchange Commission filing. The company will gain $24 million immediately from the sale, with the remaining amount recognized during its 10-year lease of the property, according to the filing.
July 28, 2006 |
Mortgage lender IndyMac Bancorp Inc. said second-quarter profit rose 28% as the company gained a larger share of the mortgage market. The Pasadena-based company posted net income of $105 million, or $1.49 a share, versus profit of $82 million, or $1.24, a year earlier. Revenue rose 31% to $377.1 million. Analysts polled by Thomson Financial forecast earnings of $1.31 on revenue of $325 million. Mortgage loan production rose 41% to $20.1 billion.
July 21, 2007 |
Mortgage lender IndyMac Bancorp Inc. said Friday that it laid off 400 employees, or about 4% of its workforce, including about 125 people in Southern California. The Pasadena-based company blamed the layoffs on the slumping real estate market, which has reduced the demand for loans. IndyMac is the nation's second-largest independent mortgage lender. "The weak housing market means that the mortgage lending process is less profitable," IndyMac spokesman Grove Nichols said.
July 12, 2008 |
The federal government took control of Pasadena-based IndyMac Bank on Friday in what regulators called the second-largest bank failure in U.S. history. Citing a massive run on deposits, regulators shut its main branch three hours early, leaving customers stunned and upset. One woman leaned on the locked doors, pleading with an employee inside: "Please, please, I want to take out a portion." All she could do was read a two-page notice taped to the door.
January 27, 2006 |
IndyMac Bancorp Inc., which runs one of Southern California's largest savings and loan associations, said fourth-quarter profit rose 29% as mortgage production surged to a record. Mortgage production rose 60% to $18 billion, and IndyMac's U.S. market share increased to 2.85% from 1.66% a year earlier. That helped offset a decline in net interest margin to 1.98% from 2.4% a year earlier and 2.09% in the third quarter.