Michael W. Perry, chairman and chief executive officer of IndyMac Bancorp Inc., Pasadena, Calif., has signed a five-year CEO contract with IndyMac that contains options for five more years, according to the company.The contract is largely based on a pay-for-performance arrangement under which incentive compensation is targeted as a percentage of net income and tied to the achievement of earnings-per-share growth targets, IndyMac said. John Seymour, an IndyMac director and a former U.S. senator from California, said the company's shareholders have realized average annualized total returns of 22% over Mr. Perry's 14-year tenure. "When Mike joined the company in 1993, we had only four employees and almost no business, and we were marginally profitable," the former senator said. "Today, IndyMac has over 8,000 employees, is the eighth-largest thrift and ninth-largest mortgage lender in the nation, and makes over $360 million in net income per year." The company can be found online at http://www.indymacbank.com.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
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Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
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Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
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Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
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