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by CareyBot

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 sh...