Sean.... but doesn't default rate also affect the ability to raise capital ... obviously does not prohibit the ability to go public but the buy in price once it does would be affected by all aspects of the company. There are banks walking away from funders who have default rates at 8 to 10% ... and you can not tell me that by doing second placement that your rates are lower than that. Even if you are the funder who takes the second placement your capital is at risk for the 3rd and 4th stacker to come along. There are few merchants that I have seen that once they stack they are never again in the black.