Saturday, August 08, 2020 2:40:02 AM
When interest rates drop, the fair value of the MSRs plummets. It's $0 upon refinancing since the loan disappears.
The carnage of MSRs fair value losses and high expenses due to loan workouts, will continue for the foreseeable future.
Holding companies trade at a 25% discount to fair value.
PER=107 times
No dividend, obviously, with the prospects mentioned.
The employees' bonuses are not linked to the Net Income.
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