Fire Sale on FMD

FMD is down about 25% on fear that they will lose loan volume from BankAmerica and Chase (50% of revenue), since the private equity groups of those two banks are in on the Sallie Mae (SLM) buyout. However, BankAmerica and Chase are going to continue operating their independent student loan operations, so all of this looks like a massive overreaction. The private equity groups do their own thing and will be looking to sell/IPO SLM in a few years anyway. I doubt that all of this has a big impact on FMD's revenue and earnings, but we'll see. In the meantime, I'm buying more.