Nothing wrong with being a vulture.
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Long time, no see....
Anyone paying attention to this message board anymore?
That might be why they are raising cash. They sold MSRs in November to raise cash levels to $50 million. And the recent offering might bring another $25 million. They would have about $80 million by year-end. Some of that could pay a cash dividend.
I don't think you have missed the boat. 2015 is the first year that this company has earned enough that reinstating a dividend is actually a possibility.
From the 10Q,
"Series C 9.125% redeemable preferred stock, $0.01 par value; liquidation value $35,127;"
Based on yesterday's close, the yield is about 27.8% if the company reinstates a regular dividend.
IMPHP has a 9.375% dividend rate per the 10Q and the current yield is 28.9% based on the last closing price. Question is when dividends will resume.
"Series B 9.375% redeemable preferred stock, $0.01 par value; liquidation value $16,640;"
Several of us flew into Irvine for the annual meeting. We spoke to CEO and he said "cash is king." I think they are rapidly expanding and cash is more important right now to help with extending their warehouse lines and boosting volume.
Could be related to the lawsuits too, but I think this is operational primarily.
Impac IMH announced $10 billion in full year 2015 originations, boosted by an expansion to 41 states that will begin increasing sales in 2nd half of the year.
In Q1, the company earned $17 million operating earnings on $2.3 billion originations. So, for the year, they should do about 4 times that. That implies $60 million in operating earnings on 13.3 million diluted shares, or about $4.50 per diluted common share.
Add the $140 million in remaining DTA to that mix and GAAP earnings surge. The stock is probably trading at about 2x forward earnings.
Since there is no analyst coverage or institutional ownership, there is nobody telling Wall Street these facts. Patience is key here.
New Home Sales worse than expected, but still up 18% versus last year.
http://www.reuters.com/article/2015/07/24/us-usa-economy-idUSKCN0PY1OH20150724
IMH
Purchase application data also up 18% vs prior year.
http://www.mortgagenewsdaily.com/data/mortgageapplications.aspx
From Inside Mortgage Finance...
-----------------------------------
MBA Feeling More Bullish on Purchase Lending; The Millennial Effect?
By Sherry Muolo
smuolo@imfpubs.com
The Mortgage Bankers Association this week hiked its forecast for purchase-money originations for 2015 as well as 2016, citing an array of factors.
The trade group now believes purchase originations will total $801 billion in 2015, compared to a prior forecast of $730 billion. In 2016, it’s looking for $885 billion. Previously, its estimate was $791 billion.
The revision was made in response to changing home sales, prices, and a decline in cash purchases, according to Mike Fratantoni, chief economist at MBA. “The housing market recovery has shifted to a higher gear,” the economist and his team write in a new analysis of the market.
Meanwhile, other groups are crediting the millennial generation for the boost in activity and future growth. Millennials will account for over two-thirds of growth in the housing market over the next five years, said Jonathan Smoke, chief economist at Realtor.com. At the moment, they “make up around 65 percent of first-time homebuyers,” said Smoke.
A study done by the National Conference on Citizenship reported that currently there are 82 million millennials and 77 million baby boomers.
I think you might be right.
I've got nearly a full allocation of shares here. So, I am ready for the timeline to shift. I'm being facetious when I say this, but the lawsuits were great for new preferred shareholders. Without them, these shares wouldn't have traded so low for so long.
I see a win-win scenario coming, but I could be wrong.
Think about this tonight. More tomorrow.
http://www.ridgehavencapital.com/wp-content/uploads/2015/06/preview.mp3
I am here.
Utilizing my understanding of this space to make money in other names. Still invested. Also started my own firm and trying to limit time on message boards. (License pending)
Here's something I posted to tumblr yesterday.
http://simsonfinance.tumblr.com/post/118963465684/a-simple-solution-for-impac-preferred-imh
My belief, and its something that I have believed for the past two years as I bought IMPHO, is that management is doing their best to grow the business.
In 2009, they did their best to save the business and they succeeded. I also believe that management sees IMPHP and IMPHO in a similar light.
In order to take the business to the next level, they need to unlock the capital markets. And to do that, the preferred holders need to participate in the profitability of the business. This is not a one-sided transaction.
On one side, the company's management provides POSITIVE GOODWILL. On the other side, investors provide TRUST. Trust and goodwill are the currencies. Once management wins back our trust, the capital markets unlock. They can then issue new securities and they don't need to rely on cash injections from an insider.
Lawsuits, lawsuits, lawsuits....
The talk about lawsuits has turned away most investors that are looking for a quick resolution.
Two things matter, regardless of the lawsuit outcome.
1. Voting rights are intact.
2. There is a $25 liquidation preference.
The lawsuit has actually thrown the valuation of these shares out of whack. If not for the lawsuit, people would have bought these long ago hoping for a quick restructuring.
It is a journey. In a few weeks, I am going to be going dark on the message boards. I will be filing to be a RIA.
Interesting point.
I think the return to profitability opens a lot of doors for the company to restructure items on the balance sheet.
I think we are a few quarters away from any dividend. The company said they needed $50 million in working capital.
I'm ready to help them raise that money.
Why would anyone sell a stock for $9 when it will be worth $25 in a year?
Great day to be a shareholder of Impac.
Genworth appears to be flying under the radar. The estimate for Q1 is positive earnings. Seems like last year's losses were adjustments and only two were expected.
WSJ calls for the second shoe to drop at the end of the 4th Q. There are usually only two shoes, right?
http://blogs.wsj.com/moneybeat/2015/02/10/genworths-next-potential-major-market-mover-could-come-today/?mod=yahoo_hs
Nice to see all the 52 week highs this stock is breaking. Common and preferred.
$IMH $IMPHO
I guess that's what happens with you quadruple sales volume and report that you are getting ready to recognize your DTA!
Thank you!
Tell Your Representatives to Support #HR1673
http://investorsunite.org/take-action/
fnma fmcc
Thanks!
If you haven't registered support for this bill, please do so.
https://www.popvox.com/bills/us/114/hr1673
I'm confused about the fact that the count has not increased in days.
Weak ADP Data, William Isaac's WSJ Opinion Piece
$FNMA $FMCC #Fanniegate #TCOT
https://www.youtube.com/watch?v=Xt9GrNrGhTg
Verified Twitter Accounts of Congress
http://investorsunite.org/discussion/topic/verified-congressional-twitter-accounts/page/2/#post-5249
Take some time to send a few of them a personal message on Fannie and Freddie.
We now have a bill from Capuano (D) and Blackburn (R) that shareholders can support. They need to hear from us.
Another Fannie Freddie bailout? No way
http://investorsunite.org/discussion/topic/another-fannie-freddie-bailout-no-way/
NAR Study: Accelerating Housing Costs Have Renters Feeling the Squeeze
http://investorsunite.org/discussion/topic/nar-study-accelerating-housing-costs-have-renters-feeling-the-squeeze/
Existing Home Sales Underperforming
http://investorsunite.org/discussion/topic/existing-home-sales-underperforming/
Amid Renewed Bailout Fear, Watt Turns Fannie, Freddie Into Welfare Agencies
http://investorsunite.org/discussion/topic/amid-renewed-bailout-fear-watt-turns-fannie-freddie-into-welfare-agencies/
Federal National Mortgage Assctn Fnni Me (OTCBB:FNMA) And Roostify Complete Inte
http://investorsunite.org/discussion/topic/federal-national-mortgage-assctn-fnni-me-otcbbfnma-and-roostify-complete-inte/
The Ambivalent Relationship of Investors with Fannie Mae (NASDAQOTCBB:FNMA) Stoc
http://investorsunite.org/discussion/topic/the-ambivalent-relationship-of-investors-with-fannie-mae-nasdaqotcbbfnma-stoc/
Read This Before You Buy Fannie Mae
http://investorsunite.org/discussion/topic/read-this-before-you-buy-fannie-mae/
Technically, the earnings release is not late, but it is later than last year. Any ideas why?
Nomura Sold "Crap" Loans to Fannie & Freddie #FannieGate FNMA FMCC
https://youtu.be/wN3eV_sklW4
Here's a link to today's forum and the live stream. Posting notes there later.
http://investorsunite.org/discussion/topic/forum-on-critical-thinking-innovation-and-leadership/
Thanks.
I should add that I put a short on the $QQQ recently. It's about 1% of the entire portfolio. But I am concerned about the market.
Half the people aren't able to see it.
I re-recorded it.
Excessive Leverage in Financial System Puts Economy at Risk
https://www.youtube.com/watch?edit=vd&v=oEHtx4ikcbk
#FannieGate $QQQ $SPY $GS $FNMA $FMCC
Fannie Mae or #FannieGate ? Several #GSEreform Options
https://www.youtube.com/watch?edit=vd&v=73jsAiLeuzA
fnma fmcc
#ICBAlive15 Conference, Illegal Conservatorship of @FannieMae & @FreddieMac #FannieGate
https://www.youtube.com/watch?v=TQu2hQg-pbI
FNMA FMCC
Your Tweet has been viewed 421 times
Questions to #AskWarren on #FannieGate and Market Valuations $FNMA $FMCC $QQQ $SPY: youtu.be/AUBuCSBZw_U?a via @YouTube
People have engaged with your Tweet 11 times including:
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Questions to #AskWarren on #FannieGate and Market Valuations $FNMA $FMCC $QQQ $SPY: http://t.co/D3Hmzk5vJt via @YouTube
— AccoFi (@AccoFi_com) February 27, 2015
It's time to #AskWarren about #GSEreform and #FannieGate
https://www.youtube.com/watch?edit=vd&v=AUBuCSBZw_U
Thanks for posting this.
Someone has just bought about $10k worth here. Anyone want to take credit?
I moved my bid up to $4.70.
That could be another reason for the common stock to move.
Here's the video I recorded earlier. The edited version has been processing for more than 2 and a half hours.
Capuano's letter to LEW from 2013
https://www.scribd.com/doc/256957905/Capuano-Letter-Lew-2013