Friday, July 11, 2008

Michael Perry & Indymac

Any questions?...

Michael Perry, CEO Indymac Bank
Yeah, Alt-A is "not" a problem. Welcome to the Hall of Shame® you lying sack of shit.

IndyMac, back on TOP!
(see 2008-07-07)
errrrrr... or is that bottom. BWAHAHAHA

2007-03-15: IndyMac Calls Its Exposure to Subprime Market `Small'
2007-03-29: IndyMac Say Subprime Woes Won't Spread
2007-04-26: IndyMac First Profit Drop Since 2004 on Defaults
2007-06-11: IndyMac Reports $202.7M Loss on Late Payments
2007-07-31: IndyMac's Net Falls 57 Percent as Defaults Surge
Chief Executive Officer Michael Perry has said loans made by IndyMac, which caters to so-called Alt-A borrowers who fall just short of standards for top-rated loans, are 17 times less prone to default than subprime mortgages. Shares of the company had dropped 52 percent this year before today on concern rising defaults on loans made to the riskiest borrowers would spread to the types in which IndyMac specializes.

``Those of us at IndyMac get a little sick of hearing Alt-A is near subprime,'' Perry said on a conference call with analysts. The mortgage industry's losses from Alt-A loans are about 1/12th the rate on subprime loans, he said.

2007-11-06: IndyMac loss dwarfs own forecast
NEW YORK (Reuters) - IndyMac Bancorp Inc, one of the largest independent U.S. mortgage lenders, posted a quarterly loss on Tuesday that was more than five times larger than it had projected, hurt by mounting delinquencies and a collapse in demand to buy its home loans.

2008-01-15: IndyMac slashes 2,403 jobs
NEW YORK (Reuters) - IndyMac Bancorp Inc, one of the largest U.S. mortgage lenders, said on Tuesday it is eliminating 2,403 jobs, or 24 percent of its workforce, to cope with deteriorating housing and capital markets.

Chief Executive Michael Perry announced the cuts in an e-mail to employees, three months after he had said the Pasadena, California-based parent of IndyMac Bank was "largely done" with staff cuts. "The reality is that since October 12 conditions have gotten worse," Perry wrote.

2008-06-26: Concerned over IndyMac stability
NEW YORK (Associated Press) - The possible collapse of big mortgage lender IndyMac Bancorp Inc. poses significant financial risks to its borrowers and depositors, and regulators may not be ready to intervene to protect them, Sen. Charles Schumer, D-N.Y., said Thursday.

Shares of Pasadena, Calif.-based IndyMac, which already have tumbled nearly 95 percent over the past year, dropped 28 cents, or 26 percent, to 79 cents in trading Thursday. They lost another cent in after-hours trading.

2008-07-07: IndyMac stops new loans, to cut work force by half
Mortgage lender IndyMac Bancorp Inc., struggling to raise capital to stay in business, said Monday it has stopped accepting new loan submissions in its main mortgage lending divisions and plans to slash 3,800 jobs, or more than half of its work force.

"In light of the current environment and related deterioration of our financial position since last quarter, we have been working closely with our federal banking regulators with respect to the actions that they and we must take to meet our mutual goal of keeping IndyMac safe and sound through this crisis period," Perry wrote.

* Special thanks to Housing Panic for the reminder of these bald-faced lies.

1 comment:

Payne Walker said...

The decision to buy should never be decided on "who you ask". Instead it should always be based on sound real estate investment practices. I have been buying property for 15 years, holding some, selling some. My purchases have always been based on my ability to pay and the outlook for long and short term hold positions. I am also a real estate agent and stayed out of the purchasing frenzy of the past few years. (The numbers didn't make sense) I turned away a few "speculators" during those time and those that I did end up working with knew as many of the risks involved as possible. I went so far as to have them sign documents stating I didn't "bring them the deal". Now that things are starting to come back into perspective I am finding great long term purchase opportunities. Rates are great and sellers are dealing. If anyone would like assistance evaluating a long term real estate purchase please let me know. I will be happy to take a look at it, at no cost or obligation. I love my job and I love helping others.

Thank you.