IndyMac #2 Mortgage Co. Posts $184 Million Loss
IndyMac, the second- biggest independent U.S. mortgage company, reported a $184 Million Q1 loss,
omitted some dividends and said it probably won't make money this year, as the stock fell to an all time low.
Mortgages that stopped collecting interest rose 39% to 11% of all IndyMac loans.
The shares, down 47% this year through last week, have tumbled 94% from their high two years ago. IndyMac posted the first annual loss in its 23-year history last year.
IndyMac was the largest ``Alt-A'' home lender in the U.S. in 2006 and reported a 63% drop in March lending from a year earlier.
CEO Michael Perry: "While losses will decline each quarter this year, the company won't show a profit until the drop in home prices slows."
Hattip to Bloomberg.
omitted some dividends and said it probably won't make money this year, as the stock fell to an all time low.
Mortgages that stopped collecting interest rose 39% to 11% of all IndyMac loans.
The shares, down 47% this year through last week, have tumbled 94% from their high two years ago. IndyMac posted the first annual loss in its 23-year history last year.
IndyMac was the largest ``Alt-A'' home lender in the U.S. in 2006 and reported a 63% drop in March lending from a year earlier.
CEO Michael Perry: "While losses will decline each quarter this year, the company won't show a profit until the drop in home prices slows."
Hattip to Bloomberg.
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