Hudson City Bancorp is a conservative community bank. One of the most conservative banks in America. There is no other bank I would own because of there conservative lending practices. News recently came out that Hudson is on the verge of receiving a regulatory enforcement action because of interest rate risks. The market heavily overreacted to this news and sent share plunging over 10%. Here you have a conservative bank selling below book value, generating volumes of free cash with a dividend north of 6%. I’ve been buying all I can here and will continue to purchase if shares continue to fall lower.