Housing Stock #2 –
First Niagara Financial (FNFG)
Rick Sharga, a spokesman for the foreclosed property website RealtyTrac, said the third quarter was “the worst three months of all time” for
That means bad news for many thrifts and mortgage finance companies that have to shoulder the bad debt. Take First Niagara Financial (FNFG).
The company has seen quarterly earnings decline each of the last four quarters, with its latest profits falling -43% short of forecasts.
Stocks like FNFG are very bad investments now, and I look for continued trouble in the months ahead.