Reliant Financial Service Corp. (RFNS)

[2-edged-sword]

The only way out of the cellar with one is if Reliant starts generating more significant revenue and soon. I am normally positive but frankly it is looking very bleak for Reliant now. The Sub-Prime fiasco is now affecting world markets and economies including Canada. Reliants sub-prime Candian competitors such as Exceed Mortgage have been hit really hard. Exceed PPS has nose dived over 50% in one month! from 7.45 to now 3.80 pps. It almost looks like they are starting to cave in and belly up. I don't think anyone wants to even touch sub-prime loans right now. The after affects of the sub-prime meltdown are expected to last another 18 months and possibly up to 3 years. We may not have seen the worst yet. I just hope mtcinc0's prediction of a dead mans bounce was not what we saw yesterday.
The only hope is if Reliant can rectify its insurance issues in order to sell off the loans they have closed.
I hope we get some sort of update on what is happening with Reliant before the end of the month. I have a feeling there will be no Revenue for their 2nd quarter 10Q that is late.