Its a good move. Rumor also has it that Capital Factors will finally be sold, within the next 60 days. That takes another problem asset off the RF books. Maybe this is why the stock price has been rebounding lately.
Gillie, I posted the first article at 5:30, no one seemed to want to talk about it, or anything else about the stock. RF didn't release any specific's on the deal in the article's I read. Other then saying it doesn't fit their expansion plans, not much I could actually get out of the article. They did say they want to concentrate on their cross-selling which I can understand. I would think they are trying to tiddy up shop for a potential buyer, but I think I'm the only one that believes RF won't be around long. What are your thoughts and why do you think they did not include the terms of the deal? Ken
I don't know enought about this part of the operation to make a comment. It seems to me that "mortgage operations are feeling a lot of heat" in the last few months. My guess is that this doesn't look profitable going forward, but I really don't know.