Maybe not as bad as it looks. For every 10 cents north of 87...

Maybe not as bad as it looks. For every 10 cents north of 87 cents he would profit $30K. ATM if the sp hit 97, I wouldn't be running out and getting a loan to exercise the option in fear the SP could drop leaving you with the heads.

Then again if the sp hits $1.50, I'd run out and get a loan for sure. Maybe PMI will give him an inside house loan.

I'd also be waiting for QE3 and hope for $1.50+ days. I know I am...