yes 16 mill worth of fraud for a 7 bill company? not likely, just an accounting error worth .2% of tier one---still a loss for corus but we still got better capitalization than hban or fifth third, which i believe reach 3%--the only reason corus hasn't been siezed imho is because of the specatular affront to human dignity--citi did worse then them and are lying in the lap of luxury right now on our dime--hban is BANKRUPT, always has been, always will be--but the feds don't care--but they are ashamed of their collaboration in this wholescale bonuses-then-bk scheme cooked up by the big banks. Sure Corus was greedy but they didn't skimp on collateral or their tieir one--they cannot be compared to the big banks who are the thieves--so the shame of it has kept them safe so far, and it might just see them through--be strong lohgs, the evil games played today cannot hold against our will.
some thoughts on valuation: blog says about georgia RE:
Of those foreclosures, securitization entities sold 2,963 homes during the same period for an average of 62% of the original loan amount. Banks unloaded just 442 of the homes they foreclosed upon, with an average selling price of 69% of the original loan amount.
Now we know georgia is had hit, and we now know that recoveries are high, almost 70% for bank owned properties.
Florida is different but also it could be better off since no one moves to georgia to retire! plus cors has taken 20% deposits, so take out that chunk and also take out the builder's share in bk since each project can be individually bked--and you get 7.8 bill bank, with 1/3 to 1/2 repossession, and a correct valuation of 5 bill--and you still have equity left over--but not a lot, since the bank must carry it all for now with what 160 mill of reserves and a shrinking depositor base-although I believe Ms. Blair has eased up on the ceast and desist--but just guessing here. So colony says buy but will they fork over the running concern premium? The chief problem might be the remaining 2 bill of loan obligations--though I suspect many of the parties will back out and this could be red herring. anyway some thoughts on valuations.
I sold all shares at .26 because I suspect that 1 company will reject offer buying CORS' assets, its weekly chart tells you everything and it means that CORS is going to dive at bottom of the sea.