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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House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
July 3 -
A labor shortage is costing the market tens of thousands of new homes per year, and tariff uncertainty is adding thousands of dollars in expenses per unit.
July 3 -
The pace of revenue growth slowed toward the end of 2024, with the trend continuing into the first three months of this year, NAHB reported.
July 3 -
Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
July 3 -
The 10 basis point decline in the 30-year fixed mortgage was the most since March and the first time rates are below 6.7% since April, Freddie Mac said.
July 3 -
The firm, now going by Fairway Home Mortgage, said the change is a representation of plans to create a "connected ecosystem."
July 3