Associated Press (05/12/08); Herron, Jeremy
IndyMac Bancorp, a mortgage lender operating out of Pasadena, Calif., reported a loss of $184.2 million for the first quarter of the year. The firm blamed the disappointing results on $249 million worth of credit costs and losses tied to the falling values of mortgage-backed securities. It also predicted that it would not see a profit again until residential prices begin to moderate. With losses also anticipated in the second, third and fourth quarters, IndyMac said it plans to save $7.4 million in each period by halting a payout on preferred stock.
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