Largest originator of reverse mortgages in Canada. Sold off significantly because of concerns about their ability to source capital. Major risk would be if a bank and initiates their own business, but he can't see this happening.
The only reverse mortgage market player in Canada. Have more than enough cash coming in to cover distributions. Very healthy dividend yield of about 16%.
(A Top Pick June 12/08. Down 21.36%.) Management cut distributions because they thought it was the prudent. Converting to a scheduled 2 bank in Canada and will be able to diversify their funding source in terms of taking in deposits.
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