Luminent Mtg Cap Inc (fka LUMC)

[HAK41]

Excellent overview and summary of the situation Lee.
You pretty much summed it up. The emotional idiocy perpetuated by the herd mentality never ceases to amaze me even after 30 plus years in the market.
Someone might also remember that over 75% of Luminent's mortgages were AAA rated and for some strange reason I do believe that not ALL those folks decided to stop paying their monthly mortgages. Yes, things are tough in this sector, but at the ridiculous closing price of $ 0.19 per share, I do believe there could be some real rewards. Buy when things look the bleakest and sell when everyone is popping the champagne corks.
Reminds of ABK having been beaten down from about $ 98 to $ 3 in the last six months. I couldn't help but load up on that one too.
GLTY !
Incidentally.....this is a nice calm board instead of the rest of the nonsense so prevalent on the IHUB & Yahoo boards that tend to limit any real intelligent conversations.