David S. Loeb, Former Chairman of IndyMac Bancorp, Inc., Passes Away.

City Desks & Business Editors

PASADENA, Calif.--(BUSINESS WIRE)--July 2, 2003

David S. Loeb, Chairman Emeritus and retired co-founder of IndyMac Bancorp, Inc. (NYSE:NDE), passed away Monday, June 30, 2003, at the age of 79 at his home in Sparks, Nevada.

Mr. Loeb had a long and distinguished career in the mortgage industry. In 1969, he co-founded Countrywide Credit Industries (now Countrywide Financial Corporation) with Angelo Mozilo, CFC's current Chairman. Mr. Loeb served as Countrywide's President and Chairman from March of 1969 through February of 2000. While at Countrywide, he was responsible for setting the company's long-term corporate strategies for growth, expansion of business lines and financing.

In 1985, Messrs. Loeb and Mozilo founded a new public entity, Countrywide Mortgage Investments, Inc., a NYSE-traded real-estate investment trust, which matured into IndyMac Bancorp, Inc. Mr. Loeb served as IndyMac's Chairman from its inception until his retirement earlier this year. During Mr. Loeb's tenure, IndyMac grew from a small real-estate investment trust to the 21st largest mortgage originator in the nation, according to National Mortgage News' quarterly survey for the 1st quarter of 2003. IndyMac Bank, IndyMac's thrift subsidiary, is the largest savings and loan in Los Angeles County and the 15th largest in the nation (based on asset size).

Mr. Loeb also maintained an active real estate development business, Wingfield Nevada Group/Loeb Enterprises, LLC, which developed master planned communities, most recently a 1,350-acre development in Sparks, Nevada, called Wingfield Springs, with approximately 2,200 residential units, two championship golf courses and 350 acres of open space and community services. Started in 1996, this development is the premier residential master planned community in the Reno/Sparks area for modest-price housing.

"David was a giant in the mortgage industry. He and Angelo founded and built the largest independent mortgage company in the United States, Countrywide Financial Corporation, and he was instrumental in the development and growth of IndyMac. His wisdom and industry experience, coupled with his strategic vision, strongly influenced IndyMac's foundation and helped us become what we are today. He was also a great mentor and friend and we will miss him," said Michael W. Perry, Chairman and Chief Executive Officer of IndyMac.

David Loeb is survived by his wife Ingrid Heidi Loeb of Sparks, Nevada; three daughters, Tracey Loeb, Heidi Loeb and Wendy Lumsden; a stepson, Nicholas Casini; and six grandchildren.

Memorial services are planned for Sunday, July 13th, in Sparks, Nevada. Further details on the services may be obtained by contacting the company's public relations department.