Industry NewsMortgage

IndyMac cuts losses but market share slips

Alt-A lender expects to stay in the red in 2008

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IndyMac Bancorp Inc. said it cut losses by 64 percent during the first quarter, to $184 million, but doesn't expect to return to profitability in 2008 as losses related to loans it made during the height of the boom mount. IndyMac, the holding company for the savings and loan IndyMac Bank FSB and thrift-mortgage banker Indymac Bank, said in a regulatory filing that it racked up $249 million in pretax credit costs during the quarter, with losses concentrated in single-family mortgage loans held for investment. Nonperforming loans held for investment more than tripled from the previous quarter, increasing from $539 million at the end of the year to $1.8 billion as of March 31. At the end of March, nonperforming assets were 6.51 percent of total assets, up from 4.61 percent on Dec. 31 and 1.09 percent a year ago. Increased foreclosure activities left IndyMac with $257 million in real estate-owned properties at the end of the month. IndyMac also took a $72 million charge r...