After enjoying a big run-up in the last few years, Walter Investment Management (NYSE:WAC) has been imitating that old party dance favorite, the limbo, for the past few months. Day after day, investors in the stock have been asking themselves "how low can it go?" With the stock now trading around $28 and change, and likely to have earned a whopping $9+ in core earnings per share in CY 2013 when the stock reports earning in a few months, WAC has to be one of the most perplexing investments out there for value investors. On the surface, the stock should be the steal of the century, and yet it keeps going down. The simple explanation is that investors...
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