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I thought a discussion was needed on this stock. Deal with Fidelity just fell through and stock is down to about $8.25, down 40%. I'm going long from this point on! Below is a quick synopsis of Matrix's financial condition for the last quarter. NASDBULL Mr. Guy Gibson, President and CEO commented, ''The Company completed another strong quarter while focusing predominately on our two core lines of business, buying mortgage loans and mortgage servicing rights. The Company has begun to see the effects of the current interest rate environment of low long-term rates and a flat yield curve. The Company experienced an increase in the prepayments of our owned servicing portfolio and a decrease in the yield on the Company's loan portfolio. The increase in prepayments resulted in greater amortization of the Company's investment in servicing rights and an increase in operational costs incurred to handle the payoffs. However, the effect of the flat yield curve was offset by the continued strong performance of our fee-based businesses. We will continue to be challenged by the current interest rate environment; however, we believe we are well positioned to meet that challenge.'' | ||||||||||||||
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