Cityscape Financial (CTYS) Message Board

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Non-Tech : Cityscape Financial (CTYS)

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To: John Liu who wrote (1603)	11/14/1997 11:57:00 AM
From: Bruce A. Thompson	of 2544

Exactly the correct definition. We originate mortgage loans on a correspondent basis and sell from our portfolio to CTYS and others. I think they will pull it off because the panic caused by the market "discovering" delenquency factors has caused a severe overreaction. Delenquency factors in this business have historically run 10% of portfolio. These #'s have always been figured into expectations and are more the rule than the exception. Companies in this sector make huge spreads over $ cost. When the market "discovered" that the delenquency factor was "much higher" than a FREDDIE or FANNIE portfolio and blew the price down I waded in with a song in my heart. I figure I will be able to retire two years early. YMMV. Bruce

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