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Brewer, what do you think of TCB?
I've owned them for quite a while. They have a lot of their loan portfolio in home equity loans in the Midwest. They've had an uptick in defaults, and their stock has been punished, so that they now yield almost 5%.
I just can't see disaster ahead. Most of the Midwest has pretty reasonable home valuations. Outside of Michigan, the economy is pretty good.
Granted, they may not have great earnings for the next couple of years, but I don't see anything life-threatening ahead.
Am I missing something?
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