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Strategies & Market Trends : Value Investing
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To: Paul Senior who wrote (20895)3/16/2005 9:18:03 PM
From: Spekulatius  Read Replies (1) of 78616
 
I'll pass on DRL because I don't see how ROA - a measure I use to evaluate banks - can be so very high - over 2.5% the last few years. /
The air for mortgage players like DRL and NFI and several S&L get thinner:

1) smaller yield spread for carry trade due to rising short term interest rates
2) Increasing risk of rising LT interest rates (inflation
3) Scrutinity for derivative accounting (see FNM).

Several S&L (NFB) have decided to reduce exposure to the mortgage sector, other have taking a hit like WM. I suspect there is a chance to manouever the rougher water, but it's going to be harder for players like NFI and DRL to do things right. i still wonder how much of a hedge fund operation and how much of a real business those players really are. I decided to pass on DRL as well.
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