I started a position in Fidelity National Finance, FNF, yesterday at $19. This is a play on the refinancing boom that the government is trying to push through very hard, but this play should also get steam from the fact that there will be a significantly large volume of foreclosure sales in the near and intermediate term.
FNF is essentially a title insurer, so what they are concerned with is not home prices falling or rising, but only how many transactions (title change/tranfers/new titles issuance) occurs. And going forward the volume should rise, it has little room to fall right now.
Good pieces on this here,here and here
Long FNF is trading account