IndyMac Bancorp says it swung to a first-quarter loss as deteriorating credit markets forced write-downs on the value of mortgage-backed securities.

The Pasadena, Calif.-based mortgage lender expects losses in each remaining quarter this year, and says it will not post a profit again until home prices begin leveling off.

IndyMac says quarterly losses totaled $184.2 million, or $2.27 per share _ analysts polled by Thomson Financial expected a smaller loss of $1.92 per share.

The latest period includes credit costs and losses of $249 million related to declining values of mortgage-backed securities. The company says it more than tripled its credit reserves to $2.7 billion from a year ago.

IndyMac will stop paying a dividend on preferred shares to save $7.4 million each quarter.

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AP Business Writer Jeremy Herron