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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.
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