• Font Size    
E-mail

Close Window E-mail This Page

IndyMac Bancorp Reports Loss First Quarter

Required fields are marked with an asterisk(*)

The information you provide will be used only to send the requested e-mail and will not be used to send any other e-mail communications. Read more in our Privacy Policy

Send E-mail

   Print     Share +   
May 12, 2008 4:55 am US/Pacific

IndyMac Bancorp Reports Loss First Quarter

PASADENA, Calif. (AP) ― IndyMac Bancorp says it swung to a first-quarter loss as deteriorating credit markets forced write-downs on the value of mortgage-backed securities.

The Pasadena, Calif.-based mortgage lender expects losses in each remaining quarter this year, and says it will not post a profit again until home prices begin leveling off.

IndyMac says quarterly losses totaled $184.2 million, or $2.27 per share. Analysts polled by Thomson Financial expected a smaller loss of $1.92 per share.

The latest period includes credit costs and losses of $249 million related to declining values of mortgage-backed securities. The company says it more than tripled its credit reserves to $2.7 billion from a year ago.

IndyMac will stop paying a dividend on preferred shares to save $7.4 million each quarter.

(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

© MMIX, CBS Broadcasting Inc. All Rights Reserved.