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IndyMac Warns of Loss Despite Servicing Strength.(IndyMac Bancorp Inc.)
PASADENA, CA -- IndyMac Bancorp's chairman and CEO, Michael Perry, has warned investors that the company may report a loss for the third quarter, citing high credit costs and weak secondary market conditions for the company's third-quarter problems.
In a letter to shareholders, Mr. Perry said that IndyMac expects to report third-quarter results between a range of "breakeven to a loss of $0.50 per share."
He noted that the problems caused by higher credit costs and spread widening in the secondary market have been recorded largely as unrealized fair value adjustments to assets as opposed to actual, realized losses on the sale of assets. As such, he said future gains could be realized on these assets if conditions improve.
He said that by refocusing loan originations on a "GSE-eligible model," IndyMac should be able to avoid the double impact of extraordinary spread widening and higher-than-normal credit costs in the future.
Despite IndyMac's troubles as of late (the company recently said it is trimming its workforce by about 1,000 positions, ...
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