I just finished my most recent update on "Valuation" of FED, IMB, and DSL.

The order from the WORST to BEST and their NORMALIZED equity book value per most recent quarter is

DSL -3.2x
FED -2.7x
IMB -1.5x

and IMB is the BEST, yet trading at $1. The WORST crap of the planet is almost 5-10x more expensive. INSANE ARBITRAGE opportunities. (Not to say that zero is even a fair price as you can well deduce from the above #s).