This quarter, they will lost roughly the same amount of money as last quarter at around 35 million,.
Coming January, Overall, default should come down another 3,000-4,000 or around 13,000, plus the first time default should come down below 3,000, so they should break even in the first two quarters and start to make about over 20 million/quarter in the 2nd half. 2014, they could make over 100 million just in their US mortgage operation.
Anyone selling at this level is really giving money away. Once the US mortgage operation is profitable, then, the whole company will look very differently.