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Indymac Bancorp Inc

BUSINESS
December 7, 2007 | From Times Wire Services
Pasadena-based IndyMac Bancorp Inc., one of the largest independent U.S. mortgage lenders, said it didn't expect to be profitable before the second half of 2008 because of the housing slump. In a Securities and Exchange Commission filing Thursday, Chief Executive Michael Perry said IndyMac was examining ways to shore up capital, such as further cutting its dividend, selling convertible or preferred securities, or shrinking its balance sheet.
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BUSINESS
November 1, 2003 | E. Scott Reckard, Times Staff Writer
Mortgage banking specialist IndyMac Bancorp Inc. reported a 34% jump in third-quarter profit Friday, handily beating analysts' forecasts, but said earnings might taper off next year as an unprecedented wave of home loan refinancings subsided. IndyMac also increased its quarterly dividend to 20 cents a share from 15 cents. In the quarter ended Sept. 30, IndyMac earned $49.7 million, or 87 cents a share up from $37.2 million, or 64 cents, a year earlier. Revenue in the quarter surged 32% to $199.
BUSINESS
September 8, 2005 | Josh Friedman, Times Staff Writer
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.
BUSINESS
April 26, 2006 | E. Scott Reckard, Times Staff Writer
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%.
BUSINESS
January 14, 2009 | Bloomberg News
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.
BUSINESS
March 12, 2008 | From the Associated Press
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.
BUSINESS
June 27, 2008 | From Bloomberg News
The chairman of the congressional Joint Economic Committee asked U.S. regulators Thursday to scrutinize the financial health of Pasadena-based IndyMac Bancorp Inc. and suggested that the mortgage lender might be on the brink of failure. IndyMac may have "serious problems" with its loan holdings, Sen. Charles E. Schumer (D-N.Y.) said in letters to the Federal Deposit Insurance Corp.
BUSINESS
January 26, 2007 | E. Scott Reckard, Times Staff Writer
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.
BUSINESS
October 22, 2004 | E. Scott Reckard, Times Staff Writer
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.
BUSINESS
May 2, 2006 | From Reuters
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.
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