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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: blankmind who wrote (26267)	3/9/2007 12:36:34 PM
From: Madharry	Respond to of 78627

a couple of days ago one could have bought bought the preferred of imh and gotten a huge return. I didnt bite because it seemed like the loan loss reserve was so small relative to the exposure outstanding I could easily easily the entire net worth and then disappearing, loan covenants being violated, and the financing spigot being turned off. My fear continues to be that they may not have the funds to keep repurchasing bad loans and then what happens? I would always be careful when the preferred is so cheap .