2.23.2007

IMH: bad, but I was hoping for worse

Here's the IMH press release. It was a horrible quarter, missed estimates by a mile.

Yet I was hoping for more. Originations were down big, and they badly mismanaged net interest margins, but I wanted more portfolio deterioration. And an announcement that the dividend would be cut.

Based on other mortgage REIT disasters recently, other investors may have been expecting even worse news too. So I closed my short position in the morning extended hours at $7.29. We'll see if I bailed too early.

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