and did what we had to do and thank you everyone, fare inspectors and my husband to support me, dave morgan. [applause] , my daughter anita garisson, my daughter. [applause] thank you. >> thank you. your jobs are so difficult, so important. really thank you for going way above and beyond job description. thank you. director reiskin. >> yeah, i would echo the job of the fare inspector is a very difficult one. it's one that often doesn't receive a lot of gratitude but they do their job extremely well everyday and not surprising given this circumstance two of them would jump in and act the way they did, so thanks to the whole crew and your leadership for the great work that you all do. another great crew was celebrated last week at the 50th muni car cable bell ringing contest in union square. we were happy to have the vice chair and director lee on hand and the board of supervisors and members of the public. i missed it. apparently the 49er's cheerleaders were there. i would have gotten in trouble if i was there but it was a great day, the fifth annual, tradition for the department, for muni,

morgan and wells fargo, credit quality continues to get better. >> as you have been speaking, dave, wearket. it seems to be moving up slightly. i want to ask you. we have been talking about the fact that wells fargo has a huge business going forward the biggest in the country. yeah, so what happens with that? what happens to the mortgage lending market at wells fargo in light of the fact we have been seeing a spike in mortgage rates recently? >> well, clearly, we financing volume will slow down. will have some impact on the third quarter. but i think what wells pointed out is that their purchase originations were up 44% in the second quarter versus the first quarter. so slowly but surely and actually 44% isn't slowly, dramatically, new money purchases are taking over from refinance as the driver of mortgage origination activity. >> dave, we got to leave it there. free market. we are up 1% for wells fargo. thank you very much for joining with us your thoughts. >> happy to do it. >> coming up, economic data the june ppi. producer price index. >> the indian company tata goes together, joe