We have a covered our short position (indicated by the gray/red orb) on this asset in our virtual portfolio, meaning we have realized a return. Details of our position are reflected in the date, time and price stamp. Each position we take is a result of the research output of top-ranked Wall Street analysts operating a rigorous investment process. If we change our position on this asset, as a subscriber you’ll be notified in real-time on our platform.

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07/13/2010

10:46 AM EDT

$12.73

Their entire loan book is metro NYC jumbo residential mortgages. NYC is the third (of 20) most overvalued in the country by Josh Steiner's estimation. There will be significant credit pressure over the next 12-24 months. KM

07/20/2010

10:23 AM EDT

$12.33

Steiner doesn't like jumbo NYC real estate any less today than he did yesterday. We remain bearish on Housing Headwinds for Q3 and we'll manage risk around this short position in the meantime. KM