Flagstar Bancorp Inc (FBC)

[guster0]

LOL I think we are it for now. That may change.

The book is 17.96 plus 5.22 in DTA's (300 million per ceo)
so we are around 23.00 in book value.

From what I have read the fair value should be book X 2 so I would use 17.96 X 2 for a good profitable regional bank. We are not even close to that. I use the 17.96 because I really feel they are going to use the 300 million in DTA's to pay off the TARP that was sold to a private investor. They ARE NOT GOING TO PAY TARP OFF IN THE NEAR TERM. They are ok paying the NINE PERCENT INTEREST STARTING IN 2014????

The mortgage business is healing very nice now with NPL's and TDR's being brought current at a fast pace. The bump we hit this qtr was higher interest rates and slow down in Re-fi's with an increase in purchases.
The increase in purchases did not overtake the decrease in Re-fi's.

4th qtr may not be any better if not a little worse as this one.
We do have a large MSR deal in the making and we might see it get done in Q4 from what I have read it could be profitable for the company.

Go to YMB for more info I have posted their.

LONG AND STRONG ON FBC I see Thirties somewhere down the road.

I M H O !!!!!