Comment about future of four brokerages

It is tied up the residential mortgage market Quo Status of Mkt 1.mortgage deliquency rate (one-to-four-unit residential properties)drop 11 bps in the 1Q to 4.84% 2.Mortage rate is high, but not too high FNCR3030 Index now 6.686%, highest since 2005. still low compared to 99 or 2000 (8.5%) 3.Supply & Demand BB - ETSLTOTL Index go - exisitng home sales 5.99 mill in April, lowest in 3y, higher than 2000 and 2001 NHSLTOT - new home sales 981 thousand in April, 3y lowest, close to 2000 and 2001, higher than 95 and 96 Employment rate is the key -dropped to 4.5% since 2002