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If the crack is below the stub, it is probably a simple crack in the fairing compound which encases the keel. If you are seasonal, as we are, the water will find its way in during the summer and then weep out when the boat is on the hard. I had such a weep some years ago and when I started poking into it a chunk of fairing compound about 9" in diameter fell out. I glued it back in with epoxy, added 6 stainless screws drilled into the lead and then skinned it over with fresh fairing compound. Bingo, no problem since.
DRACO #2301
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