回复：I miss judged FMD's short term business model.

This may be a good one to watch. Thanks!

Somehow I think the student loan default rate is only part of the puzzle. The lack of liquidity and the investor's increased expectations on return are also reasons. The fear is that FMD may not be able to finance their commitment to the banks with cash. That is chapter 11 situation. In the short term, it is probably a good idea to sit on the side lines.