Subprime Lending
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IndyMac To Shift Away from Thrift Business
Mar 01, 2007In a letter to shareholders published today, IndyMac Bancorp, Inc. (NYSE:NDE) CEO Micheal Perry addressed the industry challenges that have impacted the Pasadena, Calif.-based mortgage operation and said that the company will no longer focus on its thrift operations. The company’s retail operations had in the past been largely tied to its thrift business, although the company did not comment on its plans for retail branch operations going forward. In explaining the company’s decision to focus mostly on mortgage production and servicing, Perry cited what he characterized as a “dramatic” decrease in the ROE in the company’s thrift segment, mostly caused by net interest margin erosion in IndyMac’s whole loan and MBS portfolios.
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