As long as the stock price is higher than the book value they come out ahead in an SPO. When the stock price is lower than book value they come out ahead in a share buyback. And from what I can tell they have been pretty consistent in this regard. They only seem to SPO when the price is higher than book value and when the price declines below book value they buy back shares.
Depends what book value is bush.wacker.
MBS prices are all over the place this past week.
I'll take a stab and say its' probably around $31 or so with the MBS prices right now.
They are not to much lower than when they last reported book on Dec 31st.