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Tuesday, November 06, 2007

IndyMac Visits the Confessional

by Calculated Risk on 11/06/2007 09:51:00 AM

From Reuters: IndyMac mortgage loss dwarfs its own forecast

IndyMac ... posted a quarterly loss more than five times larger than it had projected, hurt by mounting delinquencies and a collapse in investor demand to buy its home loans.

The third-quarter net loss totaled $202.7 million ...

IndyMac also halved its dividend and said another cut is possible ...
"While this loss is substantially higher than we had been forecasting, it was clearly not unexpected" given losses elsewhere in the industry, Chief Executive Michael Perry said. "No one in the mortgage industry came away unscathed."
Higher than forecast, but "not unexpected"? Very funny.