so it appears, well full respect to those guys, they stepped up and did the right thing, i have always said i thought mtg management was the most honest of the bunch, they have made a lot of bad calls on how bad this downturn was going to be (I mean honestly, 2007 was your biggest year with over 40% of your business at 100LTV??), but i have always thought they were the most forthright, besides the recent rescission settlement piece which i thought was kind of questionable, i guarantee you won't see steve smith over at pmi buying his own stock with his own money, he can just get his stuffed board to give him some for free.
Well I am certainly not going to take any shots at their character anymore, they did step up and show they believe in how they are representing the companies financials. Anyone do the math on cash bonuses vs purchases, did Curt do $680k or $340k. Ok, way to go guys. Now hopefully they can just break down the reserves a bit more and if they can prove they are logical I would love to be done with this short. Shorting is a pain in the rear end. Then again, Don Lofe buys in stock at PMI every two weeks, goes to show these guys dont know their business more than we do.
Ok, was going to short more at $8 which is book but prob get more conservative and reload at $8.50 thru $9.00 and see what the May 31 cures looks like. Not bad guys, I really cant take any more personal shots at you guys so it will be strictly analytics form here on in.