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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (30263)	3/6/2008 10:01:10 PM
From: Spekulatius	Read Replies (1) of 78740

CIT, i don't think the student loans are CIT's problem The larger problem is that they are not done writing off their mortgage assets. The new 10k provides some more insight (the 5 loan pool buckets) and it does not look pretty. they were able to extract 5.2B$ in cash from a little less than 10B$ in loans so they are still sitting on 5B$ in net assets of which 50% is constituted of loans with pretty bad looking stats (they somehow avoid the toxic word subprime). My loss estimate of 2B$ from December 2007 still holds, in fact it could be more than that the way things have been going lately. Message 24152767

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