Published February 13, 2008, 12:00 AM
IndyMac Bancorp reports first annual loss in company history
LOS ANGELES (AP) — IndyMac Bancorp Inc. reported the first annual loss in company history Tuesday and scrapped its dividend to shore up capital.
The holding company for IndyMac swung to a fourth-quarter loss as weakness in the housing market forced the mortgage lender to boost provisions for future credit losses from rising defaults, repossessions and other costs.
That and the collapse in Wall Street’s demand for home loans led to a loss of $509.1 million, or $6.43 per share, for the quarter ended Dec. 31.
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