With respect, your analytical models and your abilities, it seems to me, simply put, preclude you from understanding that the legal structure put in place can have a serious effect on credit quality. You have blinders on. You say no, no, these are individual credit card holders; this is the person who's put up decent collateral and has a good credit rating for a pickup truck. But how do you realize on those assets without it costing you a disproportionate amount? That has to be part of your analysis of credit quality.
On April 2nd, 2009. See this statement in context.