IndyMac Seeks to Preserve Capital

IndyMac Bancorp(IMB Quote) reported yesterday that it suffered its third-consecutive quarterly loss and will be taking other measures to preserve capital, such as deferring interest payments on some preferred securities.

IndyMac said it endured a net loss of $184 million for the first quarter, marking an improvement over the $509 million net loss in the fourth quarter of 2007, but worse than both consensus estimates and the $52 million profit reported in the same period a year earlier.

The narrowing of the net loss reflected a reduction in quarterly provisions for loan losses, and $322 million in losses on loans sold during the fourth quarter of 2007.

Capital Levels ...