Capital One Financial Corp. (NYSE:COF)
CAPS Rating:
A diversified financial services company whose banking and non-banking subsidiaries market a variety of financial products and services.
Taking it to the street
A diversified financial services company whose banking and non-banking subsidiaries market a variety of financial products and services.
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This credit card company is over its limit....
CC defaults still continue to rise, reserves will have to increase substantially given foreclosures / bankruptcies have not yet reached their peak. Don't expect anymore positive surprises in the coming few quarters. This one has a big leg down coming very soon.
Can anyone venture a guess how much a credit card company recovers from an unsecured loan from a debtor who is in bankruptcy? Yes, you guessed it, zero, zip, zilch, nada, absolutely nothing. If you want to take risks on bank stocks, find one that actually has a larger majority of its loans that have been securitized by hard assets.