IndyMac Bancorp (NDE) Updates Investors with Credit Loss Analysis on Alt-A and Subprime Lending
IndyMac Bancorp, Inc. (NYSE: NDE) is providing an update to give investors additional information regarding the credit performance of its Alt-A and subprime loans and related residual and non-investment grade securities.
1. Indymac's Alt-A and subprime non-investment grade and residual securities totaled $92.1 million as of Dec. 31, 2006, or 4.5% of shareholders' equity; those retained from 2004 to 2006 totaled $89.6 million, or 97% of the total portfolio and 4.4% of total shareholders' equity; and those retained in 2006 totaled $20.2 million, or 1.0% of shareholders' equity.
2. Actual cumulative losses through Dec. 31, 2006 for Indymac's Alt-A and subprime non-investment grade and residual securities retained from 2004 to 2006 were $7.8 million, yet the Dec. 31, 2006
valuation of these securities includes projected additional future losses of $306.2 million, or 39 times actual losses to date.
1. Indymac's Alt-A and subprime non-investment grade and residual securities totaled $92.1 million as of Dec. 31, 2006, or 4.5% of shareholders' equity; those retained from 2004 to 2006 totaled $89.6 million, or 97% of the total portfolio and 4.4% of total shareholders' equity; and those retained in 2006 totaled $20.2 million, or 1.0% of shareholders' equity.
2. Actual cumulative losses through Dec. 31, 2006 for Indymac's Alt-A and subprime non-investment grade and residual securities retained from 2004 to 2006 were $7.8 million, yet the Dec. 31, 2006
valuation of these securities includes projected additional future losses of $306.2 million, or 39 times actual losses to date.
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