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Actually, they only "carry their own paper" on an overnight basis. They act as a mortgage broker/ originator and resell the mortgages in the secondary market.

But for the short term as well, they are in a good position to weather the recession that seems to be quickly coming on us, because of their backlog of homes in process and not yet started. They could build houses for the next six months before they needed new orders to stay busy.

And at 5-6 times earnings it's one of the best bargains around. And the earnings are really there!

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