sdbear – I disagree. If the analyst credited with this quote "expected" 1.46M loans to default, I suspect he would have used that term. He did not, and instead used the term "at risk".
19% of these loans will not default. We all know that. To spin an analyst's quote from "at risk" to "expected" is a dramatic and substantive change. PS may very well have inferred that the author of the quote meant "expected", but that is an incorrect comprehension of the quote in question, in my opinion, and obviously in the opinion of others.
