Downey, WaMu, Indymac plummet in thrift industry rankings
May 6th, 2008, 3:12 pm · 4 Comments · posted by Mathew Padilla, Reporter
SNL Financial on Tuesday released its 2007 thrift-industry rankings, which showed Downey Financial of Newport Beach dropped 59 slots to No. 64. For 2006, it ranked No. 5.
Still, Downey beat out Washington Mutual, which fell 68 slots to No. 94, from No. 26 a year earlier. Pasadena-based Indymac Bancorp, however, fared the worst, sliding 89 slots to No. 99, from No. 10.
SNL looks at six categories, including return on assets, and weighs them for one overall score.
Who topped the list? Washington Federal, another Seattle-based savings and loan. It rose from No. 4 in 2006.
Maria Tor, senior analyst for SNL, said in a statement, “The stand-out thrifts of 2007 were those that maintained a conservative balance sheet and kept expenses low. Thrifts that resisted the tempting high margins of riskier loans in 2005 and 2006 were rewarded in 2007.”
Imagine that. Prudence paid off for some.
- Downey’s problematic assets increase by $521 million in Q1
- Downey reports $248 million loss, says reduced pay-option loans
- WaMu to cut 3,000 jobs nationwide, gets $7 billion infusion
- WaMu said to get $5 billion infusion
- IndyMac suspends dividend, posts $509 million loss
May 15th, 2008 at 8:15 am
is there more layoffs at IMB?
June 25th, 2008 at 12:13 pm
Commercial REOs are around the corner, people. Evidence? Take a look at the plentiful empty office parks just recently completed in Tustin/Irvine area. With everybody downsizing and landlords competing for shrinking tenant volume, the next 2 years is not going to be good for commercial real estate.