NDE fights back?
IndyMac Mortgage Holdings Inc. Statement on Market Activity
Business Wire - October 06, 1998 08:12
PASADENA, Calif.--(BUSINESS WIRE)--Oct. 6, 1998--In light of recent volatility in the market, including the recent bankruptcy filing of a well-known commercial mortgage REIT, IndyMac Mortgage Holdings Inc. (NYSE:NDE) today issued the following statement:
"IndyMac's position in the residential mortgage market remains healthy. Performance for the third quarter has been solid and
entirely within our range of expectations. Origination volume of $4.9 billion this quarter has been robust, and securitization activity has been strong as well. Despite recent market turmoil, we are on track to meet our objectives for 1998.
"IndyMac's business strategy and operations differ significantly from the passive, highly levered mortgage REITs. We have continually focused on the issues of safety and soundness for our shareholders. In light of our policies we have further reduced our leverage. We note that on Sept. 8, 1998, Standard & Poor's Corporation raised IndyMac's corporate debt rating to investment grade."
IndyMac REIT is a real estate investment trust with more than $7 billion in assets. The company conducts a diversified mortgage lending business, including operating a nationwide private mortgage conduit through its affiliate, IndyMac Inc., by originating and acquiring prime and subprime nonconforming and jumbo home loans.
Through it affiliates, the company offers a variety of construction and permanent mortgage financing programs for builders and
developers, including short-term revolving financing and lines of credit for commercial and residential construction, in addition to
providing financing for manufactured housing, warehouse lending and home improvement loans.
The company also offers a wide range of mortgage products directly to consumers through its LoanWorks division. More information about products or services offered by IndyMac and its affiliates can be found at www.indymac.com and for LoanWorks at www.loanworks.com, or contact LoanWorks directly at 888/321-FUND.
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