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Just filed this morning. It paints a decent picture of Union Federal's portfolio, though I'm not thrilled with the uptick in the delinquency rate. Nothing alarming - and proably a combination of seasonality and aging of loans - but I think FMC has to be pretty watertight for a skeptical securitization market, however 'actionable' it may be.

Presentation is here:
http://www.snl.com/Cache/15897158.pdf?O=3&IID=4094003&am...

BTW - if we don't have some direction from management on the next call regarding Cology and securitizations, I'm sending Dan a dictionary with the pages for "game-changing" and "actionable" bookmarked.
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