Am I crazy... ?

Bought NFI today at the close for $4.24. They were down 20% on the news that NEW's lenders haven't renewed funding. Bancruptcy is imminent. However, I think that compared to NEW, NFI is in much better shape. They have only one negative quarter, NEW has had two in a row. Also, while NEW wrote five times as many loans last year, NFI has almost the same amount of reserves that NEW had at the beginning of the year.

What I don't know is probably more than I do know. For one thing, how much was NFI able to make on their last CDO? How much funding have they been able to secure? Will they be able to step into the vacuum that NEW left when they stopped funding new loans? Have they had the foresight to hedge their portfolio with derivatives? What are their current, but unannounced, liabilities? Any one of these questions could be crucial to whether this speculation succeeds or fails.