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Bernie McGinn thinks it's time for the investor to make a deposit in some selected bank stocks. The founder of McGinn Investment Management thinks the subprime crisis has now run its course.
"The subprime story has now been around almost a full year, giving people and companies time to adjust their exposure and to adjust their valuations on securities, and I think that to a certain extent, companies have started to overcompensate for their exposure to subprime," he told CNBC.
Recommendations:
"In the financials, I think there's a buying opportunity at AIG [AIG
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]," McGinn said. "That's a company that has been sort of pummeled of late, because of management issues."
He also likes Bank of America [BAC
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].
"Bank of America represents a pretty good buy right here," he said. "It's a tremendous franchise; it's the number one in deposits, it's number one in credit-card balances, it will be number one in mortgages."
Also on his shopping list are Home Depot [HD
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] and Ford Motor [F
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].
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- Learn more: Watch the entire interview (5 mins, 40 secs)
- Dennis Gartman Has a Different View on Banks
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Disclosures:
Disclosure information for Bernie McGinn was not immediately available.
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