IndyMac (IMB) Shares Soared Today On Growth & Profitability
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IndyMac Bancorp's (NYSE: IMB) Chief Executive Officer Michael Perry said it has a ``good shot'' at
profitability this year, driving up the stock price up 25%
``We're going to be doing our best to get these credit losses behind us in the fourth quarter, like everyone else has done,'' Perry told Bloomberg in a telephone interview from his Pasadena, California office.
Perry said that IndyMac won't meet the same fate as Countrywide Financial (NYSE: CFC) because IndyMac's parent company has little debt, with most of its funding coming from deposits and advances from the Federal Home Loan Bank system.
Perry also noted, ``It's been a long, long time since we had a rate-lock day like yesterday. We rate-locked over a billion of loans.''
On another note, Quicken Loans, a very large mortgage broker told the Detroit Free Press yesterday that its loan volume is at record levels this month.
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