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Out tax fee for your quarter, was a benefit of 38%reflecting The online loss right before money taxes and relatively fixed stage oftax-choice things.
As component of the hard work, we shut our subprimeoriginator Encore credit history cutting down occupancy expenditures, headcount and technologiesspend, although retaining our power to originate all sorts of mortgages throughBear Residential Mortgage Corp.
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I felt Ihave seen some headlines not from you men just from Newswire. So, any updateyou can offer on that system that maybe taking place or will probably be likely onsometime in 2008?
Is (inaudible) defense a little something possibly historically beenmore dependent on and sort of looking at just how items were being heading, you reducedexposure to, or is it normally been some a thing you do not have a whole lot ofdependence on?
Well, I am not planning to get into your depth of all of thewrite-downs Mike, but I feel it’s truthful to claim that any time you look at the lossesin the home loan space, a lot of the losses are going be while in the decreased creditquality loans, so all day long will bear additional of it when compared to the key loans aregoing to.
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Therefore you stated you had compose-downs of warehouse facilitiesthis quarter how much do you've got still left on those facilities and the amount ofthose happen to be written down?
Just two queries, a person I suppose a lot more from a longer termsstrategic standpoint given that I – then far more almost certainly from the duration of highervolatility it does kind of appear like and clearly not only for you but theentire industry the opportunity to hedge and use derivatives to offset threats hasbecome a lot tougher. To get a company like you guys are probably tiny bitsmaller than the rest.
The difficult current market natural environment for leveraged finance thatbegan in the third quarter has continued from the stop of our fiscal yr. Asa outcome, leverage buyout functions have declined and fairness market place volatilityhas decreased the backlog of fairness offerings.
And secondarily, offered your service provider banking investmentin ACA, do you still very own a percentage of that. Is it possible to give us any aspects onthat?
So once you have a look at the outcome for your fullyear, We've got numerous areas of click here the organization that had record years.
Ok. And then yet another normal question how is themanagement. How may be the management transition going with various changes thereand The explanation I declare that and clearly it’s a tough marketplaces. But, when youcompare Bear's functionality to several of your friends, you pointed out weaker fairness buying and selling,fastened money when you strip out the fees, was a bit worst than peer,a lot of the prime brokerage revenues have been down a tad this quarter.
Credit rating product or service net revenues declined sharply in the course of thequarter, mirrored a more challenging surroundings and Internet losses wereexperienced in our stream and structured credit score parts. Inside our rates area,improved purchaser action was offset by tougher markets for interestrates and foreign exchange solutions.