I'm slightly tempted to sell these to offset some gains I made earlier in the year. However, I'd be taking a big loss in doing so.
I bought back at about $12 a share, because I read an investment article saying that the preferred shares were backed by the government, just like a bank account is. Wow, was that wrong. The article said there was no way the government would stop paying the dividend, because it would dry up the financial markets. So much for me thinking that a safe investment in a government backed dividend paying preferred stock was a good idea.
Anyway, now it's down to under 80 cents a share. Part of me feels like I should just hold onto this long term to see if it is eventually redeemed for common stock or something like that, or just in case the dividend is reinstated down the road - I could possibly get my investment back, at least. I'm just not sure at all if these will be worth anything, even once the housing market and the economy turn around in a few years.