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%.
September 8, 2007 |
Warning of a likely third-quarter loss, mortgage lender IndyMac Bancorp said Friday that it planned to lay off about 1,000 employees, or 10% of its workforce, and might cut its stock dividend in half. The Pasadena-based savings and loan blamed the troubled housing and mortgage markets, particularly the lack of buyers for what had been its specialty -- so-called alt-A loans, the niche between the safest prime loans and high-risk sub-prime mortgages.
September 13, 2007 |
Washington Mutual Inc., the largest U.S. savings and loan, said Wednesday that it would shutter one division that bought mortgages from other home lenders and another that financed mortgage companies. The closures will result in about 1,000 firings, Washington Mutual spokesman Alan Gulick said. But the Seattle-based company also plans to hire about 1,000 loan officers in the next few months in its mortgage and bank branches, bringing the total to about 3,000, he said.
August 13, 2008 |
Shares of UnionBanCal Corp., California's second-largest bank, rose 13% after controlling shareholder Mitsubishi UFJ Financial Group Inc. threatened a $3-billion hostile bid to buy out minority stakes. Mitsubishi UFJ said it would make a direct offer to investors to purchase the 35% of the company it doesn't already own for $63 a share, saying UnionBanCal's independent directors refused to negotiate after rejecting an earlier $58 bid. UnionBanCal said it had been negotiating and would review the new offer.
January 17, 2007 |
Centex Corp. and KB Home said Tuesday that they would report disappointing quarterly results because a slumping U.S. housing market forced them to write down a combined $793 million of property. Centex, the nation's third-largest home builder, will book $450 million in the fiscal third quarter to reflect reduced land values and to abandon options to buy property, the Dallas-based company said.
July 6, 2006 |
IndyMac Bancorp Inc. said Wednesday that it had dropped plans for an initial public offering of its Financial Freedom Senior Funding unit and instead will buy out a stake held by the unit's chairman for $40 million. The Pasadena-based mortgage lender said it would purchase the Financial Freedom shares owned by Chairman and Chief Executive Jim Mahoney. The price tag for the 6.25% stake is half of what IndyMac paid -- $80 million -- to buy 93.75% of Financial Freedom from Lehman Bros.
January 31, 2009 |
Federal regulators said Friday that they had allowed four thrifts besides failed IndyMac Bank to improperly backdate infusions of capital. In a letter to Treasury Secretary Timothy F. Geithner, John Reich, the director of the Office of Thrift Supervision, did not identify the four S&Ls. The thrift regulator is an arm of the Treasury Department. The Times reported Dec. 23 that Treasury investigators had found that Darrel W.
January 14, 2009 |
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.
November 19, 2008 |
The Federal Deposit Insurance Corp. has leased 200,000 square feet of space in Irvine for a temporary office that will manage receiverships and liquidate assets from failed financial institutions in the western United States. The FDIC, which insures deposits at almost 8,500 U.S. banks and savings associations, leased the space at 40 Pacifica Place for three years, with options for two one-year extensions, the agency said Tuesday.
May 26, 2006 |
In deal that may foreshadow a wave of consolidation among home lenders, the parent of Aames Home Loans said Thursday that it was being acquired by Accredited Home Lenders Holding Co. for $340 million in stock and cash. Aames Investment Corp., a 50-year-old Los Angeles fixture, and Accredited, a San Diego firm founded in 1990, specialize in loans to risky borrowers, charging higher interest and fees to compensate.