Indymac Bancorp, Inc. announced a first-quarter loss of $184.2 million, or $2.27 a share.
Indymac is the holding company for Indymac Bank, F.S.B., the largest savings and loan in Los Angeles and the 7th largest mortgage originator in the nation. Indymac Bank, operating as a hybrid thrift/mortgage banker, provides financing for the acquisition, development, and improvement of single-family homes. Indymac Bank also provides financing secured by single-family homes and other banking products to facilitate consumers’ personal financial goals.
In addition, the CEO of the company predicted that Indymac won't return to profitability until "the current decline in home prices decelerates."
The current quarter includes $334 million in charge offs, and $249 million in provisions for the declining value of various securities backed by mortgages.
The company has also reported production of $9.6 billion in new loans.
US President Joe Biden and Iraqi Prime Minister Mustafa Al Qadimi signed an agreement on July 26 to formally end the USA's military presence in the country by the end of the year