Times are tough for non-GSE firms like Redwood, one of the leading jumbo mortgage companies. Redwood Trust, a REIT, has fallen from around $18 per share in March to just $3.08 today.
Of course, plunging EPS is the primary culprit (loan payment delays, forbearance) are on the rise with growth in US job loss.
A YoY earnings growth rate of -33.3% is devastating.
Redwood is joined by other niche financial companies in hovering around less than $10 per share.
Lumberjacks ready for some more clear-cutting?