IndyMac Predicts 2008 Losses

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More importantly, Fannie also announced REDUCED dividends for their shareholders. Nice, we're on the hook for a virtually insolvent institution and shareholders are still getting dividends?

Cialis of AL 1:50PM October 15, 2008

The company had forecast a loss of zero to 50 cents a share Sept. 7, but Perry said the earlier expectation was demolished by rising loan delinquencies, credit downgrades of mortgage-backed bonds and widespread belief that home prices would continue to fall.

Cialis of AK 1:47PM October 15, 2008

I think the world has changed a lot in the last two months,” Perry said in an interview, citing the billions of dollars in mortgage-related losses that major Wall Street firms have reported – sub-prime lending catastrophes that cost the chief executives of Citigroup Inc. and Merrill Lynch & Co. their jobs.
IndyMac pegged its third-quarter deficit at $202.7 million, or $2.77 a share, contrasted with a year-earlier profit of $86.2 million, or $1.19.
IndyMac, a top 10 mortgage lender nationally, as recently as the second quarter had been No. 1 in loans to so-called Alt-A borrowers, typically small-business owners with good credit scores who wrote off their expenses so aggressively that their tax returns showed little income.
The lender made mortgages to those customers without documenting their earnings.
IndyMac also was a big player in interest-only loans and “jumbo” mortgages larger than Fannie Mae and Freddie Mac’s $417,000 limit for loan purchases.

june of AL 1:45PM October 15, 2008

I used to bank with IndyMac. But only lasted for 3 months. I had to close my accounts because IndyMac convinced me, through their low quality of service and serious lack of professionalism, that they did not deserve my business.
Thus, it's no surprise to me that IndyMac got its operation shut down by the FDIC. There is something about ethics and professionalism that those people at IndyMac should have learned. Many of them are on the street today because of their bad attitudes and poor customer service. I don't feel sorry for these people.

E. Schmidt of CA 4:59PM July 13, 2008

IndyMac gets what it deserves. For years IndyMac has been offering very bad customer service. That is beside their shady core business philosophy. The quality of the employees have been of "sub-prime" level. I am glad to see "what-goes-around-comes-around" works in this case.

Larry M. of CA 4:52PM July 13, 2008