I wouldn't call management "sketchy," the whole sector is going through a renovation/transition. Management has done an okay job maneuvering through this mess. I agree some of the buying is from shorts covering(mostly today) but we have been inching higher over the past week or so and its possible to see it go higher. Its tough getting any buys in at the bid or lower so at the moment the MM's aren't selling this stock for cheap. Also, the Amerihome deal had a sizeable portfolio and with this sale the "significant gain" comment might actually hold some weight and give us more capital to make new future deals. I recommend to enjoy the ride back up(I'm hoping to the $9 or $10 range) and protect your gains at all times. GLTA!!
I wouldn't be surprised to see this around 9 or 10 bucks in the near future. (knock on wood). I remember when it shot up to $18 it did so even when the market was down in the dumps and it did so with precision. Whats happened since the Amerihome sale almost seem like a similar scenario. Just my thoughts.
FYI....Management said that 2013 would be a profitable year back in Q4 of 2012, so I would not listen to Management. Keep your ear on the Fed and interest rates. Also we may not get back to the "promise land" until we get back into the alt - a arena. For the most part the only paper being produced in this sector is A++, and there is only so much of that business to make money from and from what I hear, lenders are starting to loosen their standards for 2014 so hopefully this will allow more deals to float in our direction
we will have to see....the environment hasn't been kind to imh. and any seed planted last winter lost big money...i hope next year the banks loosen their lending standards because as long as money remain tight this sector will continue to struggle
its really hard not to think something is wrong with the company....there's one thing to sell because of weakness but this sell off takes the cake. we made money last quarter.....so i guess everyone is anticipating a huge loss this quarter?
its ugly in here!!!!
and if the price action is an indicator this quarter and year is a wash. its gotten to the point where i just want the bleeding to stop!
I agree with you roamingmann, but they do have a redemption value and this is what everyone is ranting and raving about. But what I would like to mention is....There are obvious reasons why the common isn't at higher levels, but what's up with the preferred? If this is an obvious "10 bagger," why havent they gotten close to it by now? My guess is that its because all the things that make preferred shares attractive to investors are not the case with these. With the amendment they cant vote and they aren't entitled to any dividends past, present or future. I do see the redemption value in these shares but its hard for me to see any real value in them otherwise.