mr. schmieder that sunday evening of the subject again option on delinquencies and here's what you suggest in this e-mail you say that mr. beck was asked to select the sample for the portfolios and coordinate with financing by selling analysis cheryl -- [inaudible] this exhibit, 40b. early in the morning, 79:17 a.m.. subject, option on delinquency falcon and mr. schneider making the plan to sell dee dee to provide a low level to kill and coordinate. on the final e-mail of the chain which is the top of page one the subject line now reads urgent need to get work done in the next couple of days. that is added about option arm delinquency. she directs her staff to start analyzing the option on loans in the portfolio and she wrote, quote, we are contemplating selling a larger portion of our option arms than we have in the recent past and this could be a way to address california concentration rising delinquencies falling house prices in california with a favorable arbitrage given the market seems not to be yet discounting these factors and she asks for input on portions, her words of the option