September 8, 2005 |
A former vice president will return gains from alleged insider trading and pay a civil penalty. A former employee of Pasadena's IndyMac Bancorp Inc. has agreed to pay $81,456 to settle civil allegations of insider stock trading, the Securities and Exchange Commission said Wednesday. Jameson L.
April 26, 2006 |
IndyMac Bancorp Inc. reported 26% higher first-quarter profit Tuesday, sharply increasing its share of the mortgage market despite an industrywide downturn in home loans. The Pasadena-based savings and loan earned $79.8 million, or $1.18 a share, up from $63.5 million, 98 cents, a year earlier. Revenue climbed from $253 million to $305 million. Mortgage production rose 72% over the first quarter of 2005 to a record $20 billion, doubling IndyMac's share of the national home-loan market to 3.89%.
March 12, 2008 |
Mortgage lender IndyMac Bancorp Inc. warned that deepening turmoil in debt markets could have a negative effect on the value of its mortgage-backed securities, hurting the company's first-quarter earnings. The danger comes from widening credit spreads amid "panic market conditions" stemming from uncertainty over the economy, the housing and mortgage sectors, as well as increased margin calls by hedge funds and other Wall Street investors, Pasadena-based IndyMac said in a filing with the Securities and Exchange Commission.
January 26, 2007 |
Saying the environment for mortgages has become a disaster, IndyMac Bancorp Inc. reported disappointing fourth-quarter earnings Thursday, slashed its profit forecast for 2007 and froze employee salaries -- actions that sent its stock into a tailspin. Pasadena-based IndyMac, the fastest growing of the major U.S. mortgage lenders, earned $72.2 million on revenue of $319.5 million, up from $70.4 million on $281 million in revenue for the fourth quarter of 2005. But per-share earnings fell from $1.
October 22, 2004 |
IndyMac Bancorp Inc. revealed itself Thursday as the latest victim of the shrinking mortgage market, slashing its third- quarter profit forecast and sending its stock price reeling. IndyMac, a Pasadena mortgage banker specializing in online lending, cited fierce competition and consumers' growing preference for adjustable-rate mortgages, which are less profitable for lenders.
May 2, 2006 |
IndyMac Bancorp Inc., which runs one of Southern California's largest savings and loans, Monday said it was considering an initial public stock offering for a division that provides loans to older homeowners. The unit, Financial Freedom Senior Funding, offers "reverse" mortgages, a kind of home equity loan, to people 62 and older. Pasadena-based IndyMac is the largest U.S. provider of the product. Last year, it had market share of 56% in originations and 53% in loan servicing, the company said.
August 3, 2007 |
The financial toll of the home loan crisis grew Thursday as a large independent mortgage firm stopped taking loan applications, another lender said its survival was in doubt and the industry's leader felt compelled to issue a statement saying it had adequate access to funds. Two other lenders, meanwhile, tightened their loan standards, and the market for securities backed by sub-prime mortgages showed signs of weakening.
January 16, 2001 |
One of the few bright spots in last year's dismal stock market was the financial-services sector, in which two big Southern California-based mortgage companies represented some of the biggest gainers. Shares of IndyMac Bancorp Inc. of Pasadena rose 131% last year. Mortgage standby Countrywide Credit Industries Inc. of Calabasas saw its stock jump 99% in the same period.
August 31, 2005 |
Shares of Calabasas-based Countrywide Financial Corp. and several other top mortgage lenders fell Tuesday after Banc of America Securities lowered ratings on the companies, citing declining credit quality among borrowers and rising investor anxiety about the sector. In a research note, Banc of America cut Countrywide to "sell" from "neutral" and lowered its 12-month price target on the stock to $30 from $39. The company's shares fell as low as $32.
August 1, 2007 |
It's not just sub-prime mortgage lenders that are struggling these days, as Pasadena's Indymac Bancorp showed Tuesday. Indymac, whose borrowers mainly fall between prime level -- the best credit risks -- and the troubled sub-prime sector, said second-quarter profit fell 57%. The value of loans on which payments had stopped more than tripled to $516 million. Indymac, a savings and loan that makes mortgages nationally, earned $44.6 million, or 60 cents a share, compared with $104.7 million, or $1.