Redwood Trust

Redwood Trust, Redwood Trust

Why hast thou forsaken us?

You were the good guys, the winners

And yet our share price has gone bust (well, mostly)

You warned the world

In ’05, ’06, and ’07 reports

Home prices were on a bender

Destined to end in a mess of sorts.

And yet you held many residuals

Marked at some positive value.

Being the first to get whacked

They had no chance, were cooked in bubble stew.

Here came reality

And there went our BV.

With the share price soon to follow,

Leaving us poor believers only to wallow.

To your credit, you have hung in –

And are living to fight another day.

Perhaps, at a right price, we will join again

But only if you do something about SG&A pay!