Very sorry to say I'm going to bail and just take the loss on this one... which will be substantial for me. The credit downgrade probably means that the coming loss report will again show degrading credit quality... that's two in a row now... and the street won't be kind. My last prediction of 3's but not 2's was spot on. I now feel we've seen our high for this cycle and we *will* get into the 2's this time, and quickly. Next cycle you'll be lucky to see 4, especially if the market turns instead of continuing straight up.
Very sorry to see this one turn out this way, but I've believed and held on long enough. Wrong again. :(
Better take a reading class. Try reading in the middle where they say:
"Providian has received assurances that the certificateholders do not intend to declare an amortization event. Series 2000-D, comprising $1.1 billion in invested amount held by third parties, will begin its regular amortization in December 2002 as previously scheduled under the transaction documents. "
Better yet, dump your shares so my low bid will get filled, LOL