Sarbanes-Oxley? SEC investigation?
Jailtime for cocky lying CEO Michael Perry?
Remember the last call when they didn't come clean, and said Alt-A would be fine? Lies. Bald-faced lies. Damn, my IndyMac puts covered before they came clean. But rest assured, this pig is done - going to zero. They were called "liar's loans" for a reason folks. And they ain't gettin' paid back. And IndyMac knew that.
IndyMac loss dwarfs own forecast
NEW YORK (Reuters) - IndyMac Bancorp Inc (NYSE:IMB - News), one of the largest independent U.S. mortgage lenders, posted a quarterly loss on Tuesday that was more than five times larger than it had projected, hurt by mounting delinquencies and a collapse in demand to buy its home loans.
The parent of IndyMac Bank, one of the largest U.S. savings and loans, halved its dividend and said another cut is possible if it loses more money. It also quadrupled its reserves for bad loans.
"It's going to be a tough year, year and a half," Chief Executive Michael Perry said on a conference call.
IndyMac used to specialize in "Alt-A" home loans, which often go to people who can't fully document income or assets.