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Indymac Q -1 earnings

 

A good sign that the market has bottomed out as Indymac narrows it's Q-1 loss by over 65%.

 

The countries largest independent mortgage lender today reported their Q-1 earnings. For the third straight quarter Indymac has lost money. They reported an operating loss of over $180 million. This loss beat most consensus estimates for the firm. The company failed to predict when they would return to profitability as their appears to be no bottom to the housing market collapse. The company could greatly benefit from the recent reforms to jumbo loan financing now being securitized and sold to fannie mae and freddie mac. Indymac has managed to stay solvent largely due to operating as a thrift and not having to rely on bond ratings or borrowing money via warehouse lines similar to companies such as Thornburg mortgage. The companies stock has dropped from $40 per share to just over $3 per share and is one of the favorite stocks for short interest in the past year. The company could benefit by the government rolling out some incentives to help the home buying markets take off and is  a good barometer to judge the real estate and mortgage markets for sign of when the market has finally turned the corner.

5-13-08 ? LoanNetwork.com

 

 

 

 

indymac bancorp @ loannetwork.com

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