"Countrywide has a great franchise. It has historically been well run," says David King, manager of the Putnam New Value fund, a Countrywide holder. "When a large financial company trades below book value, it implies that people feel it may not make it."

"MGIC, at $36.64, trades for a fraction of its book value of $54 a share. Even assuming a full write-off of its C-BASS investment, MGIC still would have a book value of around $50."

"Genworth Financial, an insurance spin-off from General Electric, is the safest bet among the major mortgage insurers because it gets just 15% of its profits from that business. Genworth, at $30.15, trades right around book value and for less than 10 times this year's estimated profits."

"Thomas Kahn, a partner at Kahn Brothers, a New York investment firm, takes a different financial tack, favoring well-capitalized thrift institutions that could be taken over as the banking industry consolidates."

"Thomas Kahn, a partner at Kahn Brothers, a New York investment firm, takes a different financial tack, favoring well-capitalized thrift institutions that could be taken over as the banking industry consolidates."

"Thomas Kahn, a partner at Kahn Brothers, a New York investment firm, takes a different financial tack, favoring well-capitalized thrift institutions that could be taken over as the banking industry consolidates."