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One Bank Flourishing in Mortgage Meltdown and Credit Crunch

Posted by billspaced | 9:28 AM | , , | 0 comments »

Here's one bank that's done very well (up 39 percent, market cap bigger than WaMu) in the financial sector -- HCBK.

The Bank That Dodged Subprime - Rapid Recap -

Says Hudson City Bancorp's CEO:
There are fewer banks to finance houses in the New York metropolitan area and that’s led to increased volumes for us.
He goes on further to say:
If you isolate 7 states Michigan, Ohio and Indiana which are auto related and Florida, Arizona, California and Nevada you pretty much have isolated where the housing crisis is centered.
I wonder what it feels like to be the only bank in the country who got this right? All hyperbole aside, it's refreshing to see a bank operate like in the old days, where the highs weren't nearly so high and the lows weren't nearly so low. The volatility in these companies (earnings, revenue, stock price) is enough to scare people off for a long, long time.

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