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I’m playing catch up after being swamped for the last few days so bear with a couple of short, linky posts that get you to news you probably already know about. (Now complete with a small dose of saracasm.)
Accredited Home Loans sells for $400 million. We’ve been calling the demise of Accredited for quite some time now (actually mis-called a layoff earlier – my bad) and this sale really is a huge loss for the company. You can read the press and there is excellent commentary here and here. Matt Padilla at the OC Register knows how to spell O-U-C-H:
Lone Star’s bid for Accredited at $15 per share amounts to a 9.7%
premium above its Friday stock price. But it’s 72% off the 52-week high
of $53.
My take – if you own an ailing subprime mortgage company in this market and someone gives you a premium on your current share price – take the money and quickly and quietly head to the nearest exit before anyone notices you are gone.
Last 3 posts by Morgan
- Subprime Bananas - June 28th, 2009
- Roubini: No confidence in government exit strategy - June 24th, 2009
- Goldman bonuses largest in firm's 140-year history - June 21st, 2009
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