Is the worst behind us in the credit crunch? When my account exec from First Franklin stopped calling on me earlier this year, it seemed that the handwriting was on the wall for another mortgage lender.
Merrill Lynch bought the mortgage unit from National City a year ago to compete with Lehman's mortgage business. That might not have been such a good move in retrospect, but who knew?
Someone's buying the stock again, after short positions forced it down. And Goldman Sachs' CFO is quoted in a bullish Bloomberg story on September 24th as saying "There are going to be opportunities in the mortgage business,.,and there are certainly going to be opportunities to buy distressed assets.''
First Franklin Corp. chart courtesy
Boston.com/Business
Am I too far out on a limb? I'm an optimistic person, and Goldman Sachs has a pretty good record in fixed income bets. ...and I miss my First Franklin Account Exec, wherever he is.
EDIT: Not by a long shot! I'm still optimistic, though.
I'll take optimism any day. It even feels better. Go ahead, take a risk, call it the bottom. I'm behind you!
Thank you ahead of time for taking the time to read my post, One of the hardest things to do in life is to take RISKS , and thanks for making a comment.
Dan, thanks for including a link to your post on Risk!
I read the post, and every one of the comments. I hope the rest of my readers do the same.
Marlene, if you think that's ugly, check out the 12 month chart! But every turnaround has its start.
I am looking for the ray of sunshine behind the dark cloud. I hope you have spotted it and it is ready to pop through.
Cynthia, the sun's always shining somewhere, even through the clouds (and always above them.) I hunt it down for the sheer enjoyment of it. Just a few good rays keep me going! Thanks for visiting and commenting.
Mike in Tucson
Dave, thanks for visiting and commenting. I respect your opinion.
Mike in Tucson