More Positive ETFC News

Since I wrote about ETFC last week, shares have crept up from $.66 to $1 (in pre-market action this morning; last night's close was $.91).

The Wall Street Journal put out a little article this morning discussing a few monthly updates that ETFC released today. The article may (or may not, depending on if it's subscription-based) be seen here.

Not only did trading volume stay steady, but more importantly, loan delinquencies among its portfolio are on the DECLINE. "The company said Wednesday delinquencies of 30 to 89 days have fallen 16% in the first two months of the current quarter, while delinquencies of 30 to 179 days are down 1%."

That is obviously wonderful news for ETFC. They have already provided loss provisions far beyond realized losses, so if things are bottoming (or improving) now, they might not have to increase provisions anymore, allowing them to return to profitability. This may sound a little crazy, but maybe write-ups are hiding in the not-too-distant future.



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