Sorry team, to clean this up. Running Sept-12 through today D-G notes, I see the following:
Fractional first: 3.9%
Whole (10 or more lenders): 3.5%
Whole (less than 10 lenders): 2.9%
Baseline loss: 3.8%
My point here maybe isn't to prove this to a mathematical certainty, but, if I understand the whole loan program correctly, it seems that we can show sum degree of funneling. Put another way, I'm seeing an issue from a securities regulation point of view that they don't disclose that the poor quality Grade [X] notes are offered to the public as compared to the equally graded notes offered to preferred customers.