some balance with this story, page-23

That definately makes interesting reading. Whilst I dont hold the stock and have no intention to buy. If you are a speculative punter you would have to say there is some upside in the share price. How much who knows.

The way I see it and I could be totally wrong, the loan book is profitable as it is, allbeit at much lower levels than forecast. To me the book has value no matter how you look at it, even if all the book refinanced its loans, the break costs alone would provide a tidy return to shareholders as the book runs down. The article assumes rams has a average 2% break fee. Assume they achieve 1% thats $146m.

Personally I see the company still operating in mortgages in some capacity once everything settles down in the credit markets, when and in what capacity who knows.

I dont know how you factor this all in, but there definately is some value there.