Indymac Bancorp Inc

Internet mortgage specialist IndyMac Bancorp Inc. reported 20% higher second-quarter profit, with home loan originations up 73%. The Pasadena company earned $41.4 million, or 73 cents a share, during the quarter ended June 30, compared with $34.6 million, or 56 cents, in the same period a year earlier. Revenue increased 25% to $173.4 million. IndyMac said it would increase its quarterly dividend 50% to 15 cents a share. IndyMac shares fell $1.60 to $22.74 on the NYSE. E. Scott Reckard

The sale of IndyMac Federal Bank was concluded Thursday, and the new owners wasted no time in ditching its tainted name. Starting today, IndyMac is OneWest Bank. The Pasadena bank's new owners, organized under OneWest Bank Group, bought the bank's $20.7 billion in loans and other assets for $16 billion. That includes $9 billion in financing from the Federal Deposit Insurance Corp. and the Federal Home Loan Bank. For IndyMac customers it will be business as usual.

IndyMac Bancorp Inc. reported the first annual loss in company history Tuesday and scrapped its dividend to shore up capital. The holding company for IndyMac swung to a fourth-quarter loss as weakness in the housing market forced the mortgage lender to boost provisions for future credit losses from rising defaults, repossessions and other costs. That and the collapse of Wall Street's demand for home loans led to a loss of $509.1 million, or $6.43 a share, for the quarter that ended Dec. 31.

Federal regulators ignored repeated warning signs about Pasadena's IndyMac Bancorp., and their failure to prevent the mortgage lender's collapse last summer cost the Federal Deposit Insurance Corp. $10.7 billion, according to a government report released Thursday. The report by the Treasury Department's inspector general said regulators should have seen that IndyMac was built on a house of cards -- shaky loans based on inflated property values.

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.

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.

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.

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.

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.

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.

The investors who are buying failed IndyMac Bank want to exploit its experience in dealing with a mountain of troubled mortgages by having the thrift sell loan-modification services to other financial firms. The Pasadena mortgage lender, which collapsed under the weight of bad loans in July, has been run since then under the name IndyMac Federal Bank by the Federal Deposit Insurance Corp.

The trustee overseeing the liquidation of IndyMac Bancorp Inc. is challenging the sale of the company's banking unit and seeking documents from the Federal Deposit Insurance Corp. Alfred Siegel, trustee of the IndyMac estate, requested an order to force the FDIC to turn over papers related to the intended sale and produce some employees for questioning. In papers filed Monday in U.S.

Say goodbye to IndyMac. The name, at least. The investors buying failed IndyMac Federal Bank from regulators intend to rename the Pasadena savings and loan, although they haven't yet picked a new name, a spokesman said Monday. The old name is "obviously" a liability, said George Sard, a spokesman for the investment group, IMB Management Holdings. IndyMac was one of the largest bank failures in U.S. history, brought down last summer by soured variable-rate mortgages and a run on deposits.

Private investors closed a deal Friday to buy Pasadena's IndyMac Bank from regulators, promising to make the 33-branch thrift a "healthy banking institution" again. How exactly do they plan to accomplish that? So far, no one's saying. IndyMac collapsed July 11, 2008, the victim of an ill-fated strategy of using high-interest deposits to fund mortgage loans to borrowers who often weren't asked to document their earnings or assets.

The Federal Deposit Insurance Corp. is nearing a deal to sell IndyMac Bank to a partnership of private New York investors, nearly six months after the Pasadena mortgage lender was taken over by regulators. The partnership includes buyout expert J. Christopher Flowers, hedge-fund operator John Paulson and Steven Mnuchin, chairman of private equity firm Dune Capital Management, a person familiar with the matter said Monday.

A private equity firm led by former Goldman Sachs & Co. executives is the likely buyer of IndyMac Bank, according to a report published Friday. The winner of the bidding for the Pasadena thrift is New York-based Dune Capital Management, founded in 2004 by ex-Goldman partners Steven Mnuchin and Daniel Niedich, according to the report on the Mortgage Lender Implode-O-Meter website.

Pasadena mortgage banker IndyMac Bancorp Inc. reported a 14% increase in first-quarter net income Wednesday, with its home-loan production at $6.9 billion, up 7% from the first quarter of 2003. Shares in IndyMac fell 13 cents to $31.62 on the NYSE. IndyMac earned $41.9 million, or 70 cents a share, up from $36.9 million, or 66 cents, during the first quarter of 2003. The fast-growing company, a specialist in online lending, said quarterly revenue rose to $184.7 million from $156.

Internet mortgage specialist IndyMac Bancorp Inc. reported 22% higher fourth-quarter earnings Thursday and raised its stock dividend 25%, predicting growth despite the end of the boom in home-loan refinancings. The Pasadena-based lender reported a profit of $43.3 million, or 75 cents a share, up from $35.6 million, or 63 cents a share, during the same period of 2002. For the full year, net income rose to $171.3 million, or $3.01 a share, from $143.4 million, or $2.41.

A long-awaited sale of IndyMac Bank may be announced as early as today. The Federal Deposit Insurance Corp. has been looking for a buyer, or buyers, for the Pasadena lender since the government declared it insolvent and seized it in July. Final bids were due by Dec. 12, and the FDIC said it expected to close a deal by the end of the year. The American Banker newspaper reported Tuesday that the announcement could come today.

Should you have to be a bank to bid for Pasadena mortgage lender IndyMac Federal Bank or any other failed financial institution? The Federal Deposit Insurance Corp., which has been unable to sell IndyMac since it was seized four months ago, said Wednesday it didn't think so.