Shares in IndyMac Bancorp Inc. fell early Tuesday after an analyst cut his rating on the mortgage lender.

Analyst Eric Wasserstrom of UBS cut his rating Tuesday morning, saying in a research note that the Pasadena-based lender is unlikely to return to profitability in the near future and may need to raise substantial capital to shore up its books. Wasserstrom is the second analyst to express concerns about IndyMac's financial solvency in the past two weeks.

With IndyMac's stock price being low, Wasserstrom said the lender will likely have to raise capital through the sale of assets or from a strategic investor and not through a new stock offering. He mentioned the company's Financial Freedom unit, which provides reverse mortgages, as a possible sale candidate.

Wasserstrom added that mortgage production at IndyMac will remain weak as the housing market continues to decline and delinquencies and defaults among mortgage holders continue to increase, forcing IndyMac to set aside more cash to cover losses.

This comes two weeks after the bank company posted a first quarter loss of $184 million and a week after Chief Executive Mike Perry said the company had "turned the corner."

Shares in IndyMac dipped 6 percent to $1.88 in early trading Tuesday. Shares have declined 45 percent in the past two weeks.

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