Word: fbr
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...until a few months ago, I thought we were going to pull through this O.K.," says analyst James Abbott, who follows regional banks for FBR Capital Markets. "But now I am scared. For a lot of banks, this downturn does not look survivable...
...government's plan is a nice thought, but it is just not going to work," says Paul Miller, who follows banks stocks at FBR Capital Markets. "None of these banks have the capital necessary to recognize these losses...
...Freddie's portfolio of [mortgage] insurance is more risky than the market was led to believe," says Paul Miller, an analyst at FBR Capital Markets. Sister company Fannie Mae lost even more last year, with $58.7 billion of red ink. But Fannie was better capitalized than Freddie going into the credit crunch. So even though Freddie by many measures is smaller than Fannie, the problems at Freddie will probably end up costing more...
...fact that the government ownership of IndyMac is coming to an end in just eight months is successful," says Kevin Stein, a former associate director of resolutions at the Federal Deposit Insurance Corporation (FDIC) and an investment banker at FBR Capital Markets. "Nationalization is a tool that has been used in the past and can be effective in the future in certain situations...
...risk is, you have a nationalized bank that is treated differently by depositors and borrowers because it is owned by the government," says FBR's Stein. "But in the past, that risk has been shown to be manageable...