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DSL Analysis & Videos »
DSL: Bull or Bear?
The Option Arm Triplets: Dead Banks Walking
DSL
+84.86%
in
455 days
<>I am continually surprised that people are willing to hold, at any price, the common stock of regional Option-ARM mortgage disasters Downey Financial (DSL), BankUnited Financial Corporation (BKUNA), and FirstFed Financial (FED). They are dead banks walking. The big investment banks, money center banks, insurance companies, and even the GSEs have been drastically writing down the value of their toxic mortgage portfolios. Some might argue they have not written them down enough, but clearly management is at least trying to estimate the value of their portfolio. These big institutions, like A<>...
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Downey's book feather-soft?
DSL
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+23.79%
in
36 days
(closed on 03/23/08)
Shareholder equity per share is $47, trading at ±75% equity value right now (yahoo finance reports this as 59% or assuming a book value of 47.9, but I think this maybe old data (i.e. older than the latest annual report)) 13B in loans, >80% in SoCal. 10% NPL, growing monthly, doubling in the next 6 months or so i think, probably will settle in at 15-20%. Assuming 25% right off (given the SoCal price plummet, high inventory and the credit condition right now, as well as the amount of liar loans generated at the time), we are lookinag at 13B * 0.15 * .25 = 480million. That's the final writ...
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About Downey Financial Corp.
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