Yes, I believe I mentioned that with the "Florida real estate", which is commercial.

They have been aggressively writing that down for a year, but it still has not changed the fact that shareholder equity has stabilized over the past 3 quarters and book value has not diminished over this period.

These paper losses are diminishing earnings, and I expect that these writedowns will still affect earnings for the next few quarters, but book value should remain stable.

Under this condition, as long as short rates are at zero, this company will not see the low $3's (maybe the high $3's). Their writedowns should be back to "normal" before rates start rising.

Once earnings get to break even, expect to see a P/B of over 1.