Patrick Harden PMT Q4 earnings. Still using fair value adjustments on loans to prop up net investment income. I'd like to see their taxable income.
2/8/12
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Bryce Istvan: Look at fair value adjustments vs realized sell prices (slide 8 from Q4 pres). Almost no variance meaning fair value appears to be correct.
2/17/12
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Patrick Harden: True, but I can't be sure that PMT isn't cherry picking its best NPLs to sell and marking up the real scratch and dent stuff.
