ms. felkin, ask mr.o select the sample portfolios and coordinate with finance on buy/sell analysis and then you ask ms. felkin to run credit scenarios. now we're going to the first page of this exhibit 40-b. now it's tuesday, february 20th. everything's in motion. mr. beck, you send an e-mail early in the morning, 7 kwlon 17 a.m. subject -- re option arm delinquency to ms. fell kin and mr. schneider making a plan to supply loan level detail and coordinate finances. the final e-mail, which is at the top of page one there, the subject line now reads, "urgent need to get some work done in the next couple of days." that's added above option a.r.m. delinquency. ms. felkin directs her staff to start actualizing the option a.r.m. in the portfolio. she wrote, 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 that th