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Corporate Ladders & Slides

Recent earnings and corporate activity

June 17, 2008

By SAM GARCIA


IndyMac Bancorp Inc. is facing its third investor lawsuit in one week, while several other banks are facing orders from a federal banking regulator. Other recent corporate activity includes a name change for a wholesale reverse mortgage lender.

Another investor class action has been filed against IndyMac and certain of its officers and directors -- the third during the past week. The latest case was filed in U.S. District Court for the Central District of California by Stull, Stull & Brody on behalf of purchasers of the Pasadena, Calif.-based company's common stock from Aug. 16, 2007, to May 12, 2008, a press release today stated.

The defendants are accused of misleading investors about its capital position and by downplaying the company's exposure to pay-option adjustable-rate mortgages and homebuilder portfolios. By the time IndyMac disclosed its true position in May 2008, the stock had fallen 91 percent from October 2007, the law firm alleges.

Last Wednesday, Coughlin Stoia Geller Rudman & Robbins LLP reported it filed an investor class-action lawsuit against IndyMac. Two days later, Schatz Nobel Izard P.C. announced it also filed an investor class action against the lender.

Stull, Stull & Brody also says it has pending cases and investigations against Countrywide Financial Corp., Downey Financial Corp., MGIC Investment Corp. and New Century Financial Corp.

The Office of the Comptroller of the Currency reported a cease and desist order was issued against Eastern National Bank in Miami. In addition, a civil money penalty order was issued against First National Bank of Monahans in Texas.

The regulator also said formal agreements have been reached with Legacy National Bank in Springdale, Ark.; Metropolitan National Bank in Little Rock, Ark.; Canon National Bank in Canon City, Colo.; Security Bank, N.A., North Lauderdale, Fla.; Amcore Bank, N.A., Rockford, Ill.; National Bank of Kansas City in Overland Park, Kan.; First National Bank USA in Boutte, La.; Marathon National Bank of New York in Astoria, N.Y.; and The Morris County National Bank of Naples in Naples, Texas.

Removal and prohibition orders were issued against Elizabeth M. Culbertson at The Lemont National Bank in Lemont, Ill., and Susan Ann Lyerly at the First National Bank and Trust Company in Asheboro, N.C., OCC said. Terminations of Existing Enforcement Actions were issued for C&D, Amcore Bank, N.A., Rockford Ill.; FA, Amcore Bank, N.A., Rockford, Ill.; and FA, The First National Bank of Bellevue in Bellevue Ohio.

Lehman Brothers Holdings Inc. said in its second quarter earnings results that its residential mortgage holdings were $24.9 billion on May 31, down 22 percent from Feb. 29. Alt-A holdings accounted for $10.2 billion at quarter's end, while subprime and second liens represented $2.8 billion. Commercial mortgage holdings fell 19 percent during the same period to $29.4 billion.

Lehman reported a second-quarter loss of $2.8 billion, compared to an $0.5 billion profit in the first quarter and a $1.3 billion profit a year earlier. The firm also said it raised $6 billion in capital over the past week.

Wholesale reverse mortgage lender Lender Lead Solutions announced plans to change its name to Senior Lending Network in September. The Senior Lending brand is already used in the Melville, N.Y.-based company's retail operations and in its television marketing campaign.

Luminent Mortgage Capital Inc. announced Monday its stock has been delisted from the New York Stock Exchange for at least 30 days because it failed to meet market capitalization and stock price requirements. The delisting for the real estate investment trust constitutes a triggering event under the indenture for $90 million in convertible senior notes. As a result, noteholders can surrender their notes for conversion.


Sam Garcia worked in mortgage lending for twenty years prior to becoming publisher of MortgageDaily.com.

e-mail: [email protected]


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