:madtrader, again thanks. I’ve read your post a number of times...

:madtrader, again thanks. I’ve read your post a number of times and have concluded that the accounting treatment industry of PDP’s will ultimately prove up the value of the business model.
PNC have consistently stated on many occasions that they (a) only buy quality (b) adopt a strict disciplined approach to what they pay (c) have proven systems that are constantly tweaked on a test and measure basis to get maximum results.

from a distance, surely this must ensure a superior result.

going forward, PNC were cockahoop about the low price they paid recently for a PDP. Surely this must reflect the falling RE prices and possible recessionary times ahead. This same principle might see a devaluation in the PDP asset value going forward. That is, those 22,000 paying some $230 a month will struggle to keep up with their pledges.