agree - I assume it is BOA. I will say, from a BV standpoint, I believe it is still a somewhat compelling value even if you chop off an extra $400M for CCI exposure and of course assuming MI only goes to zero. Of course, writing off the intercompany exposure though (200M).
I do wonder why they havent reserved the intercompany exposure? Seems even if run-off could be positive, it doesnt mean loans would be paid back.