. >> sowilbur, h how do you go i dd value t the so-calledd hd to valuesecurititi?? can you elala to us whahat ee model is?? hohow y youome up wititththe price? >> eaeah, the modedel i pretty straightforward in concepept. 's's hd in apapication. bubut 's straightforward in coconct.t. the concept isis youryry to figure out what percentage of the e cuenen payers w wll get t be00 days liliuent, then 6,6, ththen90, then 120rks a andthen either defaultor getmomofied anand then what is the severityo loss when therere's either the reclosure and sale or r th modification. so that's the process.s. thpapart t thas hard is you're dealing withororasting a numberff variaiabl into the fututure. the so-calledollrarate at which people becomeelinquent and ththenthe timingng of whenhat t getsts crystallized and the severity of loss. so you'v'veotevever very big variabableththatou need to take to account. we feel we'e'n a particulullyly good position to make those dgments cacausamong other thingsgs we have ameriricahohom mortgagage t rgest dependent servicer of nnprprim paper. ey're se