IndyMac Bancorp announces 1Q loss of 184.2 million dollars

Indymac Bancorp, Inc. announced a first-quarter loss of $184.2 million, or $2.27 a share.

Indymac is the holding company for Indymac Bank, F.S.B., the largest savings and loan in Los Angeles and the 7th largest mortgage originator in the nation. Indymac Bank, operating as a hybrid thrift/mortgage banker, provides financing for the acquisition, development, and improvement of single-family homes. Indymac Bank also provides financing secured by single-family homes and other banking products to facilitate consumers’ personal financial goals.

	IndyMac Bancorp announces 1Q loss of 184.2 million dollars
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In addition, the CEO of the company predicted that Indymac won't return to profitability until "the current decline in home prices decelerates."

The current quarter includes $334 million in charge offs, and $249 million in provisions for the declining value of various securities backed by mortgages.

The company has also reported production of $9.6 billion in new loans.

Photo: sandiegofsbo.blogspot.com

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