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Strategies & Market Trends : 50% Gains Investing
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To: Dale Baker who wrote (36942)2/25/2004 12:21:33 PM
From: Carl WorthRead Replies (1) of 118717
 
agreed, i bought MESA yesterday as well, though i paid 8.92 so a bit higher than your price ;)

interesting that FMT has increased their available credit lines to provide for continued strong mortgage origination, though clearly it only makes sense that the mortgage volume will decrease somewhat as rates eventually rise

they announced 96M gain on loans sold and securitized in Q4 vs 61M last year, which appears to indicate that they made 39M on loan servicing vs 9M last year, a solid increase in the recurring part of the business, if i am reading/calculating that right

last year they made 1.55 from continuing operations on 234M in revenues, so if they now have a run rate of about 160M just on servicing, they ought to be able to do well over 2 bucks a share in earnings in any year, even if their mortgage business slows down somewhat...their interest expense was much lower this year than last as a percentage of their income, not sure if this is due to lower rates or less relative borrowings...interest rates really haven't dropped in the past year so it would seem more likely that it is the latter than the former

nonperforming loans seem high at 2.36%, but they were nearly that high a year ago and it didn't seem to affect their results during a great 2003
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