Items Tagged with 'IndyMac'

ARTICLES

  • Financial Freedom Latest Lender to Exit Reverse Mortgage Business

    Once the stalwart leader of the reverse mortgage industry,  after many months of declining production, Financial Freedom announced plans to close all reverse mortgage origination channels.  In a letter to business partners, CEO Michelle Minier cited the regulatory  environment and the oft use phrase "focus on the bank's core businesses" to describe the the closure.   The company has been in virtual free fall in the past two years from a peak of over 2,000 endorsed loans in January of 2009 to 779 in January of 2010, and most recently down to 114 in January of 2011. Undoubtedly, their
    Read More
  • Stop Blaming Banks for All Your Troubles

    HousingWire is kicking around the idea of doing a July feature on the global history of bank bailouts… Japan's lost decade and the like. The view, though the idea is still on the drawing board, is to see if the Obama approach to bank bailouts will create a model of rescue going forward. The idea is still being researched. In the meantime, cases are being brought against banks left and right in the United States. Having just moved from the UK, this behavior feels relatively new, though not unexpected given the landscape of the crises here.
    Read More
  • Viewpoint: IndyMac to Cease Reporting Raw Delinquency Statistics, but Why?

    Calling so-called raw delinquency statistics "meaningless and misleading," IndyMac chairman and CEO Mike Perry said late last week that the thrift -- which lost $509 million in the fourth quarter and suspended its dividend amid increasing borrower delinquencies -- would cease reporting them, as it looked to shift its reporting to so-called static-pool data.
    Read More
  • Thornburg Posts $1.1 Billion Loss in Third Quarter; Cancels Common Dividend

    Ultra-jumbo mortgage lender Thornburg Mortgage reported its third quarter results well after market close today, registering a net loss of just under $1.1 billion for the quarter and canceling its third quarter common dividend payment as the lender adjusts to what many in the industry are calling the "worst mortgage market in history." (The phrase was used by IndyMac CEO Mike Perry in
    Read More
  • Freddie to the Rescue: Alt-A Purchase Commitment Means Additional Liquidity

    Hat tip to Blown Mortgage's Morgan Brown, who forwarded me a copy of a press advisory yesterday from Freddie Mac regarding the GSE's move to inject additional liquidity into the troubled Alt-A lending market. In the statement, senior vice president Paul Mullings said Freddie will seek to provide some relief to seized-up Alt-A markets by purchasing more Alt-A loans on a forward basis:
    Read More
  • IndyMac Net Drops 57 Percent

    IndyMac posted second quarter results this morning, which showed that the Alt-A specialist is feeling the heat from a continued downturn in the housing market. The company reported earnings of $44.6 million in the second quarter of 2007, down 57 percent from the year-ago period; net revenues declined 21 percent, falling to $297.8 million.
    Read More
  • IndyMac Completes Retail Acquisition of New York Mortgage

    New York Mortgage Trust, Inc. (NYSE:NTR) said Tuesday that it had completed the previously-announced sale of its retail mortgage lending platform, The New York Mortgage Company, LLC, to IndyMac Bank. The final purchase price was $13.5 million, slightly above the $13.4 million cited when the deal was first announced on February 7. NYMT said the final deal included $2.3 million that will be held in escrow to support warranties and indemnifications provided to IndyMac, as well as other purchase price adjustments.
    Read More
  • IndyMac: Subprime Contagion Fears 'Overblown'

    In a statement to the media released late yesterday, IndyMac highlighted key performance metrics associated with its considerable Alt-A portfolio in an all-out effort to counter market perceptions that problems in the subprime market might be spreading into Alt-A credit. "I've read it in the press that Alt-A lending is 'in between' prime and subprime lending," said IndyMac CEO Michael Perry. "Well, that's true but not very accurate given the facts. "Let me give you a simple, visual geographic analogy. That's like saying that our headquarters in Pasadena is 'in between' Los Angeles and Las Vegas. True enough, but there's the question of degree: Pasadena is 11 miles northeast of Los Angeles and Las Vegas is 262 miles northeast of Pasadena."
    Read More