how about a straight answer? citadel dumping all their shares,look at pps in the toilet,4th rate ceo at best and lower lows everyday.I know if earnings are as bad as the market makes you think then etfc has nowhere to go but down!!!IMHO what do you say?
It may drop to $10 pps based of some housing market experts and economic forecasts in which case OTS may Require ETFC to increase its reserves and decrease its debt, leading to another public offering/buy back of Kenny's and other senior note debt holders who have privy to such information at a higher price and further dilution for the retail holders, glad I am nolonger one them ... here we go again.
It may go down into the 10s, but after that the only place it is going to go is up. The loan mess IS being cleaned up. Yes, ETFC will continue to experience loan losses, but it is getting near the point where the losses will not matter that much. I repeat, it IS being cleaned up. They are not issuing new HELOCs or mortgages, Every year the right to draw on remaining HELOCs is being cut off, as allowed, and borrowers must pay back loan at rate of almost 2% of remaining balance month. That forces borrowers to refinance and prepay. HELOCs are not even the issue now anyway, as the loss on them is not anywhere as great as before.