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Forum - Wall Street Pit (Flagstar Bancorp - FBC)    Stock Due Diligence for All

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From: newintern2 (Rep: 0)Date: 12/05/2011 16:02
Forum: Wall Street Pit - Msg #2214176 - List FBC msgs Thread #673331300 (Rec: 23)
All info easily available from CC and SEC filings, but to repeat:

In 2nd quarter they sold $68 million of non-performing loans. Since 4th quarter of 2010 they've sold $622 million in non-performing loans. They're eliminating the deadweight, refocusing on their core business in their core region.

Positive earnings from their mortgage banking franchise.

Mortgage rate commitments increased 16%.

$136 million in rate lock commitments.

During the 2nd quarter, they originated $100+ million in commercial loans.

Capital liquidity levels very strong: $1.6 BILLION in cash-on-hand, interest earning deposits and marketable securities.

Their balance sheet and capital position is strong and improving quarter-by-quarter. Cantor Fitzgerald agrees and just raised the price target to $1.50.

NOTE: This message has been revised 2 times. Read original version of this message.
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