1. Margins will only thin up for the new funders that compete on price alone. For the companies that price the product correctly, their margins should be consistent.

2. Backdooring is only a last resort for the low priced funders whose margins keep declining. For the stable funders, backdooring is just short-sighted and bad for business so they refrain from doing it.

3. We are in the midst of a shakeout and the new funders and ISOs who don't understand the business will crash and burn. The old guard/established players will sift through the wreckage of fallen ISOs to help strengthen their positions.

The industry as a whole is alive and well and the doom and gloom naysayers (like yourself) will be soon out of the industry while the savvy professionals grow and adapt so they can thrive in this ever changing competitive climate.