There will need to be a palpable increase in housing and refi activity to move this stock anytime soon. I like that they are expanding in the Gulf Coast and Pacific Northwest and keep invreasing and accesing their warehouse funding. IMH is pretty much like the economy -- we need jobs and more jobs. Household formation is slow because of lack of jobs and households that are formed are hesitant to buy. We are like Europe with 30 somethings living with their parents. Once this meatball Obama is out, things should pick up at about the same time RE finally bottoms. By then inflation should start kicking in and hard assets will be attractive. If not, we got bigger issues than IMH.