November 07, 2007

Oh, gee, we didn't see this coming. Toxic lender IndyMac reports loss five times higher than projected


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.

6 comments:

Anonymous said...

But they said they had nothing to do with the subprime meltdown!

Anonymous said...

So 6 more quarters of 200+ million in losses. Do you think they can afford it? I don't, the question is when will they go under?

Anonymous said...

MARK TO MARKET

Race to Ch 11 between IMB and CFC

Anonymous said...

Liars' loans have become liars' debt.

To calculate the amounts, just multiply company the speak times 10.

So Citigroup's 10 billion of losses becomes 100 billion.

Mammoth said...

Is that a photograph of Greg Swann's lunch?

Peter T said...

I don't care about IndyMac. I care about Fannie and Freddie who are the only ones that keep the market liquid for mortgage backed securities today (see spread between conforming and jumbo loans). When will Fannie and/or Freddie have write down so much assets that they become insolvent? After the government refuses to guarantee their bonds, then we will have PANIC in the housing market.