Ann: Becoming a substantial holder, page-6

It does appear to be a gift horse based on analyst's reports and KJ's guidance. Those catalysts mentioned by both will almost certainly playout. However looking back you will see that the catalysts of lower funding rates and certainty around volume of PDP's available for purchase have already played out with very little effect on the SP. IMO the effects of government policy and its rhetoric together with the market sentiment of small to mid cap companies has a lot to do with the current languishing of the PNC SP. CCP is suffering similar problems although I think they are reporting stronger headwinds than PNC. The current rhetoric from the Fed Govt advising banks and lenders to assist borrowers as much as possible during this "cost of living" crisis is obviously going to create a lull in the volume of PDP's available. Banks selling their problem debts to debt collectors is being frowned on generally and the collection industry is suffering from image problems at the same time. It will eventually reach a point of equilibrium - it has to. Those that cannot or will not pay their debts will be asked to pay and they will finally drift to the PDP collection industry. The banks and some of the lenders just do not have collection departments or the expertise and patience required.