WBSTP is a 8.625 % preferred stock issued by Webster Pre Capital Corp which is a mortgage REIT subsidiary of Webster bank set up in 1997.The par liquidation value is $ 10 per share and until recently it has traded in that range.The assets of the REIT are old mortgages that have been paying down over the years. The delinquency rate is .35 %.I have owned WBSTP since 1999 and I am considering buying more which today yields 15 -16 %.I have looked at the SEC filings and given the assets, cash flow and subsidiary structure, it looks to be a secure investment that worst case would payout at $ 10 per share.Comments insights would be appreciated.
no earnings, no dividend. stay away. houses still high priced, poor suckers.