IndyMac Reports Big 3Q Loss

IndyMac Bancorp Inc., Pasadena, Calif., has reported a net loss of $202.7 million ($2.77 per share) for the third quarter, compared with net earnings of $86.2 million ($1.19 per share) a year earlier.IndyMac said its pretax credit costs totaled $407.7 million in the third quarter, compared with $103.5 million in the second quarter. "We are clearly disappointed with this quarter's results, which were driven by deteriorating mortgage delinquencies and a declining housing market, combined with an unprecedented collapse in the secondary market for non-GSE loans and securities -- IndyMac's primary business," said Michael W. Perry, IndyMac's chairman and chief executive officer. "While this loss is substantially higher than we had been forecasting, it was clearly not unexpected given the magnitude of the losses being reported by others in our industry and the recent decline in our stock price." IndyMac can be found online at http://www.indymacbank.com.