The volume of mortgage loan offerings was lower the past 2-3 weeks, which is typical of the period leading up to quarter end as the focus has been on settling pools that traded in August. you can expect that activity will pick up as we approach the start of the fourth quarter and sellers move forward with their year end objectives. Currently, the largest loan offering in the market is 300mm being offered by a bank. The Seller included both non-performing and lower quality performing loans. The bank was accepting bids this week has been an active seller in 2010, however there have been a number of past instances where their offerings did not trade. The perception among some investors is that there has been opportunity for better buying in Non-performing arena in the past couple months compared with the first four months of the year. Partly this may be that buyers have adjusted their expectations, but also there may be a little more opportunity now for post trade negotiation than during the mad scramble for paper over the early portion of the year. In loan servicing there has been an increase in rate of foreclosure start actions and completions. A month over month increases in referrals to foreclosure of 30% between June and July, and 30% again July to August. This is largely a direct result of loans falling out of HAMP trial periods and the borrowers are no longer eligible for further relief under HAMP. In addition, foreclosure completions have been increasing at a rate of 10-15% month over month for the past three months. You can expect foreclosure volumes to plateau at elevated levels compared with the past year. -- Richard Aquilone