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The following discussion represents
questions frequently put forward by our shareholders with responding
remarks from Michael W. Perry, IndyMac’s Chairman and CEO. |
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When I was brought aboard, in January of
1993, we were a mortgage REIT with $714 million in assets, $119
million in equity capital and we were trading at a $75 million
market cap, or 63% of book value. This low price/book was due
to the fact that $74 million of that capital was tied up in
assets that were losing money, and the other $45 million was
in cash. We also had four employees and no customers. Today,
we have more than $13 billion in assets, over $1 billion of
equity, annual loan production of $30 billion and 3,883 employees.
We’re now the largest depository in Los Angeles County
and the 14th largest thrift in the country based on assets.
In the fourth quarter of 2003, the National Mortgage News ranked
us as the 19th largest mortgage originator and the 20th largest
mortgage servicer in the nation. We are members of the S&P
400 and Russell 1000 indices. We got to where we are through
hard work and an ability to adapt to a variety of challenges
with entrepreneurial thinking. |
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IndyMac’s hybrid model makes the Company
both a portfolio lender and a trader/mortgage banker of mortgage
loans. As such, IndyMac can deploy more capital into the sector
that is performing the strongest at any given time, maximizing
return on equity and shareholder value. The two activities—portfolio
lending and mortgage banking—complement each other and
act to stabilize earnings in varying interest
rate environments. |
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