Underwriting is much more sophisticated today than it was when we had a bubble burst in this industry. Granted the recession played a large role in the perfect storm but for those who were around 2008/2009 selling mcas loans they already know many companies burst and had significant losses. That was an era of over advancing , no bank statements being reviewed, no cap on perc of gross repay, etc. That model failed. The new uw models look at all that data and much more. The stacking def seems to be an issue obviously and the low rates to buy market or the higher perc of gross to continue to fund def have some risks involved down the road. There is also too many funders going after the same pool of merchants daily which is leading to looser policies.