Why won't profits be to their expectations? Their total exposure...

Why won't profits be to their expectations? Their total exposure to bad debt is from two funds providing a GRAND TOTAL of 1% of their profit. The issue that is being SPECULATED on is that the problems being seen in bad debt are going to be replicated in good debt. That is saying that AAA rated borrowers are going to suddenly stop paying their interest for some unknown speculated reason. Companies like RIO who have just been shown massive interest in the provision $38b in corporate debt have no trouble paying their interest, as do most companies that are experiencing an environment of record growth. To put MBL in the same bed as lenders that allow call center workers the ability to provide the unemployed with credit is an amazing miscalculation of their value, and indeed a fantastic buying opportunity.