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Strategies & Market Trends : Value Investing
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To: rich evans who wrote (27841)8/22/2007 11:50:31 PM
From: rich evans  Read Replies (1) of 79150
 
CIT has also already taken their hit on their mortgage business and mortgages. The amount was 765 mill about and this was after netting the reserves of over 200 mill. So the total markdown was about 1 bill.This was announced way back about July 17. So I doubt that their will be any more writedowns. CIT said they will continue to operate mortgage business and sell it when they can do so at reasonable prices. So like you I took a position. Paul did also but none of us I think took a huge position or bet the farm. So far so good. The CEO recently bought shares after earnings announcement - about 12000 or so. To do so he could not have inside material info like a buyout etc. Anyway looks favorable. Tyco IPOd CIT for 4.5 bill after buying it for 9 bill. This was all about 5 years ago. If you count intangibles CIT book value is 35 dollars. Right now its value is about 7 bill even. Would you buy more if it looks like all clear in the CP market? $40 is still cheap.
Rich
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