What can your data tell us aboutpricing in the market right now? Something more specific than it isvery bad right now.


Greenland: Unfortunately I cannot give youspecific examples. Each loan is different so that would mean we aretalking about specific transactions. Also October pricing is comingout on Thursday Oct. 30, and that will be radically different thanwhat we saw in September. You can find that information onBloomberg.

| The HUD deal is a significant win foryou, correct?


Greenland: Yes. It is a three-year contract and itis exclusive – HUD has not done that for at least eight years. Onereason why they picked us is because we are combining due diligenceservices with loan services, which is cost effective for them.

| What does this contract mean for thebuy side?


Greenland: Buyers won't have to learn how to rampup for each HUD offering -- there will be the same structure andrules of engagement over next three years. Also HUD is one of thelargest financiers in the multifamily industry and anytime thesystem has a process that gives the industry a sense of what theworst-case exit strategy is -- besides bankruptcy -- that is alwayshelpful.

| How will your process differ from howHUD has sold its loans in the past?


Greenland: For the last eight years HUD has hiredloan sale transaction specialists for one-year terms. It would doone or two offerings per year on average.

| Do you think the three-year contractmeans it will bring more offerings to market?


Greenland: I cannot speak to that other than tosay we have not had that discussion with them. But by hiring DebtXthat becomes an available option for them. Since we operate amarketplace where loans are sold every day we don't have to make alot of noise in order to gather a large number of buyers for thesale. We have a constant pool of liquidity here.

| You are also selling loans for FDIC,correct? Do you see this as a new trend – the government using thistechnology to sell its paper?


Greenland: I would think so. Now that there ismore paper to move there is a growing recognition that outsourcingis more cost-effective. Also that it can give sellers access tomore liquidity.

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