Ed Perlmutter actually said...

The trouble is their questions are, sort of, out of 'Alice in Wonderland,' through the looking glass.

the book value of the FHA loans under the Bush Administration was terribly in the red; before, under the Clinton Administration, just barely...

you have strong borrowers, where the bulk of your borrowers are above 680 now--to be able to move forward with another mandate.

you are working towards fulfilling that capital-reserve requirement.