[J.Celifarco]

Is IOU stacking now ? Our dozen+ Pre-underwriters/Scrubbers keep a list of evrey time we see an A paper house taking a 2nd and recently its been growing...

IOU has been doing 12 month low factor second positions for as long as I can remember. Very different then a 3 or 4 month 1.45 with huge fees and a COJ.
Not comparable