Mortgage lender IndyMac Bancorp Inc. will miss its fourth-quarter earnings target, Chief Executive Officer Michael W. Perry said in a letter to shareholders, because of increased credit costs, lower net interest margins, and a decline in return on equity. Pasadena, Calif.-based IndyMac reported earnings of $86.2 million, or $1.19 per share, for the third quarter of 2006 -- results driven by record mortgage production of $24 billion for the quarter, a 41 percent increase from the third quarter of 2005. Most of those loans -- 62 percent -- were so-called "exotic" interest-only and pay-option adjustable-rate mortgages. IndyMac was able to sell 81 percent of the loans it produced. The company had expected to continue posting similar numbers, having previously estimated that earnings per share for the fourth quarter would fall between $1.30 and $1.40 per share. But Perry said the company now expects to report earnings of 97 cents per share when it files its quarterly results on Jan. 25....
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