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Revision as of 18:45, 11 July 2008 editCumulus Clouds (talk | contribs)6,434 edits Undid revision 225063773 by TheYieldCurve (talk) - it would really help if you would start discussing these things← Previous edit Revision as of 19:05, 11 July 2008 edit undo206.191.28.29 (talk) Cumulous Clouds - I did. You chose to delete my friendly overture from your talk page and post inappropriate warnings on mine. Care to put your best foot forward now?Next edit →
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On July 8, Indymac announced the sale of its Retail Lending Group to Prospect Mortgage.<ref name=newsday>{{cite web |url=http://www.newsday.com/business/ny-monlet5757036jul09,0,2294787.story?track=rss |publisher=] |date=] |accessdate=2008-07-10 |title=Employees await word of fate after IndyMac deal On July 8, Indymac announced the sale of its Retail Lending Group to Prospect Mortgage.<ref name=newsday>{{cite web |url=http://www.newsday.com/business/ny-monlet5757036jul09,0,2294787.story?track=rss |publisher=] |date=] |accessdate=2008-07-10 |title=Employees await word of fate after IndyMac deal
|author=Ellen Yan}}</ref> That day, the bank's shares closed at $0.44 in trading on the ], a loss of over 98% from its high of $50 in 2006.<ref name=nyt3>{{cite web |url=http://www.nytimes.com/2008/07/09/business/09lend.html?_r=1&scp=3&sq=indymac&st=nyt&oref=slogin |title=Mortgage Lender Faces Rush to Withdraw |publisher=] |author=Eric Dash |date=] |accessdate=2008-07-10}}</ref> Additionally, analyst Paul J. Miller Jr. cut his price target on IndyMac to $0 from $1, rating the company's share price "Underperform".<ref name=bw1>{{cite web |url=http://www.businessweek.com/ap/financialnews/D91PO11G0.htm |publisher=The ] |title=IndyMac Bancorp shares dip; analyst sets $0 target |date=] |accessdate=2008-07-11}}</ref> On July 9, Standard & Poors cut IndyMac's counterparty credit risk rating to "CCC", just a few steps above default, from "B", the fifth highest junk level, and said it may cut them again.<ref name=reu1>{{cite web |url=http://uk.reuters.com/article/governmentFilingsNews/idUKN0943214820080709 |publisher= ] |title=S&P cuts IndyMac's ratings deeper into junk |date=] |accessdate=2008-07-11}}</ref> On July 10, 2008, the bank's shares reached a 52-week closing low of $0.31.<ref name=yh1>{{cite web |url=http://finance.yahoo.com/q/hp?s=IMB |title=Yahoo! Finance Quotation for NYSE:IMB |accessdate=2008-07-10}}</ref> |author=Ellen Yan}}</ref> That day, the bank's shares closed at $0.44 in trading on the ], a loss of over 98% from its high of $50 in 2006.<ref name=nyt3>{{cite web |url=http://www.nytimes.com/2008/07/09/business/09lend.html?_r=1&scp=3&sq=indymac&st=nyt&oref=slogin |title=Mortgage Lender Faces Rush to Withdraw |publisher=] |author=Eric Dash |date=] |accessdate=2008-07-10}}</ref> Additionally, analyst Paul J. Miller Jr. cut his price target on IndyMac to $0 from $1, rating the company's share price "Underperform".<ref name=bw1>{{cite web |url=http://www.businessweek.com/ap/financialnews/D91PO11G0.htm |publisher=The ] |title=IndyMac Bancorp shares dip; analyst sets $0 target |date=] |accessdate=2008-07-11}}</ref>
On July 9, Standard & Poors cut IndyMac's counterparty credit risk rating to "CCC", just a few steps above default, from "B", the fifth highest junk level, and said it may cut them again.<ref name=reu1>{{cite web |url=http://uk.reuters.com/article/governmentFilingsNews/idUKN0943214820080709 |publisher= ] |title=S&P cuts IndyMac's ratings deeper into junk |date=] |accessdate=2008-07-11}}</ref>
On July 10, 2008, the bank's shares reached a 52-week closing low of $0.31.<ref name=yh1>{{cite web |url=http://finance.yahoo.com/q/hp?s=IMB |title=Yahoo! Finance Quotation for NYSE:IMB |accessdate=2008-07-10}}</ref>


==References== ==References==

Revision as of 19:05, 11 July 2008

OneWest Bank
Company typePublic (NYSE: IMB)
IndustryBanking
HeadquartersPasadena, California, U.S.
SubsidiariesIndymac Bank
Financial Freedom
New York Mortgage Company
Barrington Capital Corporation


Indymac Bancorp, Inc. is the holding company for Indymac Bank, F.S.B., the largest savings and loan in the Los Angeles area 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.

Indymac Bancorp expanded its business and national presence by acquiring Financial Freedom, an originator and servicer of reverse mortgage loans, on July 16, 2004, New York Mortgage Company, an East Coast mortgage bank, on April 2, 2007, and Barrington Capital Corporation, a West Coast mortgage bank, in September, 2007.

Indymac Bancorp corporate Headquarters is located in Pasadena, California.

On July 7, 2008, IndyMac announced it had stopped making new loans and would cut 3,800 jobs. The bank reported a sharp increase in the number of depositor withdrawals following those announcements and remarks made by Senator Charles Schumer (D-NY) on the bank's ability to survive the mortgage crisis.

On July 8, Indymac announced the sale of its Retail Lending Group to Prospect Mortgage. That day, the bank's shares closed at $0.44 in trading on the New York Stock Exchange, a loss of over 98% from its high of $50 in 2006. Additionally, analyst Paul J. Miller Jr. cut his price target on IndyMac to $0 from $1, rating the company's share price "Underperform".

On July 9, Standard & Poors cut IndyMac's counterparty credit risk rating to "CCC", just a few steps above default, from "B", the fifth highest junk level, and said it may cut them again.

On July 10, 2008, the bank's shares reached a 52-week closing low of $0.31.

References

  1. "IndyMac stops new loans, to cut work force by half". The Associated Press. 2008-07-07. Retrieved 2008-07-08. {{cite web}}: Check date values in: |date= (help)
  2. "Struggling Indymac Says Depositors Pulling Cash". Reuters. 2008-07-08. Retrieved 2008-07-08. {{cite web}}: Check date values in: |date= (help)
  3. Ellen Yan (2008-07-08). "Employees await word of fate after IndyMac deal". Newsday. Retrieved 2008-07-10. {{cite web}}: Check date values in: |date= (help)
  4. Eric Dash (2008-07-09). "Mortgage Lender Faces Rush to Withdraw". The New York Times. Retrieved 2008-07-10. {{cite web}}: Check date values in: |date= (help)
  5. "IndyMac Bancorp shares dip; analyst sets $0 target". The Associated Press. 2008-07-08. Retrieved 2008-07-11. {{cite web}}: Check date values in: |date= (help)
  6. "S&P cuts IndyMac's ratings deeper into junk". Reuters. 2008-07-09. Retrieved 2008-07-11. {{cite web}}: Check date values in: |date= (help)
  7. "Yahoo! Finance Quotation for NYSE:IMB". Retrieved 2008-07-10.

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