Better jobs market = more student paying off their loans = better environment for student lenders. This will bring financial institutions back into this market. The amount of funds raised has gone from 78% to 87% on securitizations in just the past 3 quarters. Confidence in the economy is improving pretty dramatically. There's a decent chance the securitization market returns back to where it was in 2004 to 2006 and if that happens FMD could skyrocket. I wouldn't completely discount this possibility, even though the market is with FMD trading below book and cash.