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Reggie,

Every time I see a puff story about HCBK and "pat on back" appearance by it's CEO I think of you.

Its a perfect situation for you style of clear thinking analysis. HCBK has been paraded about Wall Street like some pageant queen... yet the story is very fishy.

They are the poster child for "conservative" non-sub prime investing yet they are a Jumbo lender with a fully developed line of ARM and option ARM products operating in a market (NY and NJ) that is far from immune from financial stress.

Further, a cursory look at their 10-Qs and 10-Ks reveals that their non-performing loan ratio has been increasing faster than Fannie Mae or the MBA average.

Its worth a look... its just another Wall Street simpleton story... someone needs to set the record straight.