INMC Mortgage Holdings Inc. reported second- quarter net income of $22.7 million, 38.4% more than a year earlier. The company's earnings per share totaled 43 cents, a 16.2% gain.

INMC, formerly known as CWM Mortgage Holdings, is a mortgage real estate investment trust and is required to pay its earnings to shareholders in the form of a dividend. INMC owns Indy Mac, a conduit that securitizes mortgage loans.

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