BankUnited: The Downey of Florida
-
Font Size:
BankUnited (BKUNA) Announces First-Quarter Results for Fiscal 2008: "BankUnited Financial Corporation today reported a loss of $25.5 million, or $0.73 per diluted share, for the quarter ended Dec. 31, 2007."
BankUnited's non-performing loans more than doubled during the fourth quarter of 2007.
In this environment of rising delinquencies and falling collateral values, both Bank United and Downey (DSL) are lowering their allowance for loan losses as a percentage of their non-performing loans.
BankUnited was a big option-ARM lender. Notice how more and more of their interest, and income, are coming in the form of non-cash negative amortization.
In theory, this could be OK. It all depends on whether the negative amortization balance will eventually be collected. I predict that it won't.
I think of them as the Downey of Florida, and you know how bearish I am on Downey. Florida has worse real estate markets than California.
- Legg Mason, Inc. F1Q09 (Qtr. End 06/30/08) Earnings Call Transcript »
- MB Financial, Inc. Q2 2008 Earnings Call Transcript »
- Minerals Technologies Inc. Q2 2008 Earnings Call Transcript »
- Federated Investors, Inc. Q2 2008 Earnings Call Transcript »
- Arch Capital Group Ltd. Q2 2008 Earnings Call Transcript »
Get Seeking Alpha Free Stock Alerts by Email!
Get Free Stock Alerts by Email!
-
Editor's Picks
-
Most Popular
- New Middle East Oil Kingpins ETF: More Concentrated, Slightly Pricier
- Seacoast Banking Corporation of Florida: The News We've Been Waiting For
- MEMC Electronic: Glass Half Empty or Half Full?
- What's Behind the Slide in Oil and Commodities?
- In a Vulnerable Bond Market, Two ProShares ETFs To Consider
- AOL To Shutter a Slew of Products
- Full list of Editor's Picks »
- Three Stocks To Be Held To Infinity and Beyond »
- Wall Street Breakfast: Must-Know News »
- Things You Would Never Have Said Eight Days Ago »
- Making Sense of Wachovia's 27% Bounce Amid Record Losses »
- Apple vs. Bank of America: When "Whisper Numbers" Come Home to Roost »
- Four Long-Term Winners Selling at Deep Discounts »
- The Agriculture Boom Goes Bust »
- FCC Commissioner Copps Votes "No" to Radio Merger: No Surprise »
- E*TRADE FINANCIAL Corporation Q2 2008 Earnings Call Transcript »
- Financials: How - And When - We Reached the Bottom »
- AT&T Comments on Apple's 3G iPhone »
-
Long Ideas
-
Short Ideas
-
Cramer's Picks
- Trading Psychology - Cramer's Mad Money (7/25/08)
- Profiting from the Pickens Plan: FAN, Clean Fuels, Fuel Systems
- Happy Days for Panera
- Mechel: Putin’s Remarks Create Opportunity for an Attractive Volatility Play
- Great Atlantic & Pacific Tea Co.'s Meltdown Was Overdone
- NVIDIA's Long-Term Prospects Mean It's Currently Undervalued
- Time For Wall Street to Get Back on the POT
- Finding Value in the Aerospace and Defense Sector
- Seacoast Banking Corporation of Florida: The News We've Been Waiting For
- GeoEye: Interview with the CEO and CFO
- Full list of Long Ideas »
- ESCO Technologies: Bound to Fall?
- The Hardest Trade - Fast Money Recap (7/24/08)
- Collateral Damage From the War on Shorts
- Is the Gold Uptrend Over?
- Response to Raymond James' Q3 Conference Call
- eBay is a Not Com - Cramer's Lightning Round (7/23/08)
- Get True Religion - Cramer's Lightning Round (7/22/08)
- Principal Financial Group Vulnerable to Commercial Real Estate Softening?
- Increases in Shorting, Only for Some
- Is a Ban on Short Financial ETFs on the Horizon?
- Full list of Short Ideas »
- Trading Psychology - Cramer's Mad Money (7/25/08)
- Happy Days for Panera
- TUP Up - Cramer's Mad Money (7/24/08)
- Buy Rent-A-Center -- Cramer's Lightning Round (7/24/08)
- Citi vs XTO Energy -- Cramer's Stop Trading! (7/24/08)
- eBay is a Not Com - Cramer's Lightning Round (7/23/08)
- Buy Costco, Get Sirius - Cramer's Stop Trading! (7/23/08)
- Soup Target; Cramer's Mad Money (7/22/08)
- Get True Religion - Cramer's Lightning Round (7/22/08)
- Copper Down Low - Cramer's Stop Trading! (7/22/08)
- Full list of Cramers Picks »
Most Popular Feeds
-
ETFs
-
US Market
-
Long Ideas
-
Alt. Energy
- Full list of feeds »
Hedge Fund Jobs
Job Seekers:
- Search jobs by category
- Get job alerts by email or live feed
- Apply online
Employers
- See all recruitment options
- Get applications online or by email



This article has 1 comment: