IndyMac Reports Record 2Q Profits, Volume

IndyMac Bancorp Inc., Pasadena, Calif., has reported record mortgage loan volume and record net earnings of $105 million ($1.49 per share) for the second quarter, compared with $82 million ($1.24 per share) a year earlier.IndyMac's mortgage loan production totaled a record $20.1 billion in the second quarter, up 41% from that of a year earlier, the company said. "While our mortgage volumes were at a record level for the ninth consecutive quarter, they were essentially flat compared with the first quarter, and we are redoubling our efforts to profitably gain market share," said Richard H. Wohl, IndyMac Bank's president. "In keeping with this goal, our mortgage pipeline was at an all-time record level of $12.5 billion as of June 30, up 7% from the first quarter of 2006 and up 29% year over year, boding well for our mortgage production volumes and profits for the third quarter." IndyMac can be found online at http://www.indymacbank.com.