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  • normlasky normlasky Jul 15, 2011 9:06 PM Flag

    Att: nobank & boat.

    "Given my expectaiton of the dividend, and assuming I want to lock in a yield at 4.5% or better for now, I would not pay over $18."

    Sell price for a january 2013 put is $1.12 per share at $17.50 strike. There's your trade. I've been doing it on both bbt and usb at these levels.

    The math is simply - bbt normalized earnings are $4.50/5.00 share. Don't think you'll ever get the opportunity to go long bbt at $18 which is close to their current tbv.

    Next week I think you and many other folks will be surprised that their delinquencies are quickly approaching a normalized level. Plus, their loss severity rates will start to approach zilch on 09,10,11 defaults so their losses will be very small.

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