IndyMac posts loss, doesn’t expect see profit this year

LONDON (MarketWatch) — IndyMac Bancorp said it swung to a first-quarter loss of $184.2 million, or $2.27 a share, after a year-earlier profit of $52.4 million. But the mortgage finance firm said it was able to trim its loss from the fourth quarter by 64%. It recorded credit provisions of $249 million during the quarter. It doesn’t expect to earn a profit until the current decline in home prices decelerates, which it doesn’t forecast this year. It’s going to defer the interest on our trust preferred securities at the holding company and suspend the dividends on its non-cumulative, perpetual preferred stock at Indymac Bank. Analysts polled by FactSet expected a loss of $1.84 a share for the quarter and a $2.75 per share loss for the year.
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Original post by Forextvblog

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