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The Company is a savings and loan holding company. Its business is primarily conducted through its principal subsidiary, Flagstar Bank, FSB, a federally chartered stock savings bank.
Mortgage banking is a great business to be in right now. Low rates and bottoming housing prices have created volume. The Fed, mREIT's and investors are creating more demand than supply (particularly for conforming). The spread between retail (what the loan is originated for) and wholesale (what the loan is sold to investors for) has doubled. Originators (FBC, IMH, BNCC, PMHC, etc.) should continue to do well.
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