I know that I’ve been in the mortgage banking business too long when my children start using the trendy mortgage-banker phrases. The other day I asked my daughter to clean up her room, and she replied, “Dad, let’s circle back on this tomorrow – I have other things to do. And then we can close the loop.” And when I asked my son about his grades, he suggested that I “reach out” to his teachers if I had questions, and then he said, “At the end of the day, what difference do grades make anyway?” And lastly, when I called my dog off from biting the postman and was scolding her, she gave me a look that suggested, “Got it, got it, got it.”

If one is easily offended, please don’t view this mortgage-related youtube clip. Many, however, may find it entertaining. http://www.youtube.com/watch?v=tZ42ChFJiaw

Carteret Mortgage, a broker out of Virginia that originated more than $4 billion a few years ago, is exiting the biz. Funds, apparently, are tight, with the president saying, “Technically, we are not out of business. We still have licenses, the phones work, etc. We will continue paying full commissions as long as we can. Just know that as time goes on, that will get harder and harder to do.  I have laid off the entire admin staff to free up money to pay out the loan officers.  Every cent we get, we are using to pay off the loan officers and reserve accounts. You have to get the money in and paid before we get liens on our bank accounts….There is no one in licensing. Obviously, do not try to hire anyone. Do not originate any more loans in the name of Carteret. I can guarantee payment of loans closing soon, but not things thirty days out. If you have to originate something, do it with the plans on moving it to your new employer before it closes.” You can feel their pain.

I decided that my 4.75% mortgage rate was too high. So I thought I’d join the hordes of borrowers trying to get their note modified. I saw the smiling face on http://gomodify.com/index.asp, and figured that they could help. For $2,995 up front, they’d work with me. The salesperson threw in the words “Fannie”, “Freddie”, and “approved” into one sentence, until he realized that I was in the business, and then hung up. It is too bad that the information that he was giving me just didn’t quite make sense, and reminded me of the scams that we’re all hearing about. (Not that gomodify is a scam!)

The newspapers are filled with reports from the Democratic convention, McCain picking his running mate today, and hurricane Gustav bearing down on the Gulf of Mexico. Let’s face it – there wasn’t much going on in the mortgage biz until the news hit of E-Loan’s parent, Banco Popular out of Puerto Rico, selling $1.17 billion worth of loan and servicing assets in the United States to Goldman Sachs as it seeks to “increase liquidity and reduce risk.” I don’t know what ramifications this has for E-Loan, but the quote on the news said, “We are continuing to narrow the scope of our mainland U.S. operations that are most exposed to the credit and mortgage markets, by leveraging on our core strengths in Puerto Rico,” Chief Executive Richard Carrion said in a statement. Popular, the parent of Banco Popular, expects to report a loss of about $450 million related to the transaction, which is expected to close in the fourth quarter.

The bond market will close early today, so don’t look for any kind of rate improvements later in the morning, and many mortgage shops are closing early anyway. The news this morning was not necessarily bad for rates: U.S. Personal Income fell in July, and Personal Spending also dropped. Personal Income was -0.7% in the month, the sharpest decline since a 2.3% plunge in August 2005 after Hurricane Katrina (3 years ago today!). Consumer spending, which accounts for about two-thirds of national economic activity, was +0.2%, as expected, the slimmest gain since February, after gaining 0.6 percent in June. However, inflation-adjusted spending dropped by 0.4 percent, the sharpest slide in four years. After this, the 10-yr is at 3.82% and mortgages are worse by .125, probably more due to the recent improvements and the early close rather than this economic news.

In a small Texas town, a new bar/tavern started a building construction to open up their business. 

The local Baptist church started a campaign of petitions and prayers to block the bar from opening. Work progressed, however, right up till the week before opening, when a lightning strike hit the bar and it burned to the ground.
The church folks were rather smug in their outlook after that, till the bar owner sued the church on the grounds that the church was ultimately responsible for the demise of his building, either through direct or indirect actions or means. 

The church vehemently denied all responsibility or any connection to the building’s demise in its reply to the court.
As the case made its way into court, the judge looked over the paperwork.  At the hearing he commented, “I don’t know how I’m going to decide this, but as it appears from the paperwork, we have a bar owner who believes in the power of prayer, and an entire church congregation that doesn’t.”

Rob Chrisman

Fannie Mae (FNM) - One Man’s Opinion - Thomas Kee -  The government must step in to protect the solvency of these companies. -  Stock Traders Daily 

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National Trend of Home Price Declines Continued through the First Half of 2008 According to the S&P/Case-Shiller Composite Home Price Indices - Standard and Poors

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Fitch Introduces New Tool to Quantify CDO Losses -  As banks struggle with how to value their impaired stuctured finance assets, Fitch Ratings has introduced a new asset-level projected loss analysis (PLA) to quantify loss expectations on Collateralized Debt Obligations CDOs). - Research Recap

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Carteret Mortgage Latest To Close; Accredited Exits Wholesale - PAUL JACKSON - housingwire 

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FDIC says IndyMac failure costlier than expected - Karey Wutkowski - … it now expects IndyMac’s failure in July to cost its insurance fund $8.9 billion, compared with the previous expected range of $4 billion to $8 billion. … - Reuters
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Pimco Seeks as Much as $5 Billion to Buy Distressed Senior Debt - Sree Vidya Bhaktavatsalam - … The Distressed Senior Credit Opportunities Fund will invest in “senior” and “super-senior” securities backed by commercial and residential mortgages, said the people, who asked not to be identified because the fund is private. Senior debt is first to be paid off in a default.  … - Bloomberg

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Fannie, Freddie can suspend payments without triggering swaps - Karen Brettell - Losses related to mortgages guaranteed by Fannie Mae and Freddie Mac have some concerned that the mortgage giants may opt to defer interest payments if their capital levels drop to less than required levels. Under certain circumstances and guidelines, the government-sponsored entities are able to suspend payments without triggering swap payments. “There is a grace period for five years,” said Ricardo Kleinbaum, a BNP Paribas analyst - Reuters
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S&Ls given warning about freezing credit - The Office of Thrift Supervision warns against improperly lowering credit limits or altering rules for home-equity loans. - KEVIN G. HALL - McClatchy Newspapers -   Star Tribune

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OFHEO: Home Prices Increased in 30 Out of 50 States Over Last Year, From 2007:Q2 to 2008:Q2 - Mark Perry -   Carpe Diem
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Credit Spreads Continue to Get Worse - FDIC Chairman Sheila Bair commented in a press conference this afternoon that she expects the credit markets to continue to worsen, and judging by the recent action in credit spreads, the market seems to agree. - Bespoke Investment Group 

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has graphs for all major MDAs - June Case-Shiller Housing Numbers - Bespoke Investment Group 

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Foreclosures Boost Bay Area Home Sales - Sue McAllister - San Jose Mercury News  -  knowledgeplex

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How one bank avoided the meltdown - BNP Paribas helped spark the global credit crunch when it froze three funds a year ago. So why is it the largest bank in the world that hasn’t had to raise any capital?  …   NEW YORK (Fortune) — Not every player in banking is getting clobbered these days. BNP Paribas, which sparked part of the very first global credit-crunch panic when it froze three funds on Aug. 9, 2007, may emerge as the bank least affected by the industry’s carnage. - Money CNN
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Zions: Bank avoided toxic loans, not pain - USA Today

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RBS hires 16 in mortgages, including 15 from Bear - Reuters

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US Home Price Declines Show Signs of Slowing -  US home prices continued to decline in June, though at a slowing pace. The S&P/Case-Shiller Home Price Indices showed continued broad-based declines in the prices of existing single family homes across the country through June. - Research Recap

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Fannie Mae executive team axed to restore confidence  - Fannie Mae chief executive Daniel Mudd last night presided over his own “Night of the Long Knives”, replacing the company’s chief financial officer, … - Telegraph.co.uk

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IRA ARTMAN SECTION - thanks Ira:

Computing Inflation In Real Time  - Brad Zigler - … For those who distrust the government’s take on inflation, or who just don’t want to wait a month for the next indication, I propose a new method: one that allows you to gauge inflation in real time from readily obtainable information.  … -  Hard Assets Investor

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Loans backed by assets thrive as cheaper funding vanishes - Hilary Johnson - Big increase reported, though tight credit conditions may strain lenders’ capacity  - Financial Week 

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OFHEO Releases Research Paper “Recent Trends in Home Prices: Differences across Mortgage and Borrower Characteristics” - OFHEO

What is the Thursday before a Labor Day weekend like? Well, besides office staffs around the nation wondering if they’re going to be able to leave early Friday afternoon, locks are generally slow. Many agents don’t want to lose three days of underwriting/processing time on a short-term lock, so they decide to wait until the following week to lock. On the other hand, funders are very busy, with only two days in August left.

In his farewell speech to Congress, General Douglas MacArthur quoted an old Army ballad and said, “Old soldiers never die; they just fade away.” (That was back when folks knew how to give speeches!) Old mortgage folks don’t die either – they tend to resurface. Greenwich Capital, owned by the Royal Bank of Scotland, has hired 16 people to join its mortgage-backed securities team, including 15 ex-employees of Bear Stearns. They picked up a co-head of asset-backed and mortgage trading, a derivatives trader, six former Bear traders, and eight former Bear salespeople.

Yesterday Fannie Mae grabbed the spotlight yesterday after they announced a management shake-up. The company’s chief financial officer was replaced, and the chief business officer will take on an expanded role. A new chief risk officer was also named. (Daniel Mudd, CEO, will remain in place, and said, “This team will be responsible for meeting the dual objectives of conserving capital and controlling credit losses while Fannie Mae continues to provide crucial liquidity to the U.S. housing and mortgage markets. As we move through the bottom of this cycle, maintaining capital, managing credit and driving revenues are the priorities — and we have to organize and staff accordingly.”) According to Citigroup, Lehman Brothers and Merrill Lynch, Fannie Mae’s capital and reserves positions are better than market expectations, and they may not need any more externally raised capital. The stock of both Fannie & Freddie has reacted quite favorably to this new: Fannie’s has been up four days in a row, and lately Freddie’s has gained 21%. It wasn’t very long ago that U.S. Treasury Secretary Henry Paulson obtained the authority to pump an unlimited amount of credit or stock into the companies, which roiled the entire mortgage market.

During the last year, I have lost track of what “scratched & dented” exactly means, as well as “subprime”. Regardless, Citi announced that since the New York legislature recently enacted new legislation that defines subprime loans, and sets forth prohibited practices and penalties, and Freddie Mac and Fannie Mae have announced they will not purchase loans that meet the definition of a subprime home loan under New York State Law (S 8143-A/A 10817-A, the “NY Subprime Law”), that they (CitiMortgage) will not buy them either.

It should come as no surprise that in spite of the delinquency and foreclosure issues that FHA has seen with DAP loans, Nehemiah is fighting for them. Check out http://www.dpagroundswell.org/help/tell.cfm

As if we didn’t have enough to worry about, folks are becoming aware of, or being reminded of, U.S. and European banks loans coming due. Soon they will be expected to pay off hundreds of billions of dollars of debt coming due. Apparently in 2006, banks issued a large amount of floating-rate two-year notes to borrow money. A big chunk of those notes will come due over the next year or so, at a time when banks are struggling to raise fresh funds. It may force banks to sell assets, compete heavily for deposits and issue expensive new debt. Great.

This morning’s news was not interest-rate friendly. Is the economy showing some signs of life? Originators certainly don’t need higher rates. Initial jobless claims in the U.S. fell for a third straight week, possibly indicating a slowing in job cuts. Claims for unemployment benefits were -10,000 to 425,000 last week, from a revised 435,000 the prior week, although the number of people staying on rolls rose to 3.423 million, the highest since November 2003. We also had a 3.3% increase in Gross Domestic Product (GDP) from April through June, higher than forecast and is much higher than the advance estimate of 1.9% issued last month. (The economy grew at a 0.9 percent pace in the first quarter.) That about does it for economic news today, and tomorrow, ahead of an early close in the bond markets, at 8:30AM EST we have July’s Personal Income and Personal Spending, and then the Chicago Purchasing Manager’s survey (why didn’t the Buffalo or Seattle Purchasing Manager’s surveys never gained traction?). Yesterday’s 2-yr auction was not stellar, and today we have $22 billion of 5-yr’s to get through. Currently the 10-yr continues to hover around 3.80% and mortgage prices are unchanged from yesterday afternoon.

So, I was talking to this little girl Catherine, the daughter of some friends, and she said she wanted to be President some day.
Both of her parents, liberal Democrats, were standing there with us and I asked Catherine, “If you were President what would be the first thing you would do?”
Catherine replied - “I would give houses to all the homeless people.”
“Wow! What a worthy goal you have there, Catherine.”  I told her, “You don’t have to wait until you’re President to do that, you can come over to my house and clean up all the dog “stuff” in my back yard and I will pay you $5 dollars. Then we can go over to the grocery store where the homeless guy hangs out, and you can give him the $5 dollars to use for a new house.”
Catherine (who was about 4) thought that over for a second, while her mom looked at me seething, and Catherine replied, “Why doesn’t the homeless guy come over and clean up the dog “stuff” and you can just pay him the $5 dollars?”
I said, “Welcome to the Republican Party.”

Rob

Burdened by Mortgages, Lehman’s Options Narrow - Jenny Anderson - NY Times

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Housing Rebound Unlikely Before 2009, HUD Chief Says - Alison Vekshin - Bloomberg

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C.A.R. July 2008 Sales and Price Report - Home sales increased 43.4 percent in July in California compared with the same period a year ago, while the median price of an existing home fell 40.3 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today. - C.A.R. website

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WaMu Offering 5% 12 Month CDs - From WaMu: a 5% 12 month FDIC insured CD. (hat tip Anthony) - Just saying … WaMu is paying 5% in an environment when few banks are paying over 4.25% and most banks are under 4% for one year CD. - CalculatedRisk 

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RATE OF HOUSE PRICE DECLINES SLOWS IN SECOND QUARTER - OFHEO News Release 
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Fannie Mae’s July portfolio rose 14.4 percent - Reuters 

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Gross, Fuss discuss capital raising by Fannie, Freddie: Bill Gross, chief investment officer at Pacific Investment Management, and Dan Fuss, vice chairman of Loomis Sayles, said they would participate in fundraising efforts by Fannie Mae and Freddie Mac if the Treasury is also involved. The two disagreed on how the deals should be structured: Gross is interested in a straight preferred-stock offering, while Fuss suggested a convertible-debenture offering. Reuters

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2 from bankstocks.com   -
1.  Wachovia is paying up for 5-year CD money in Philadelphia. Not a good sign! Vernon Hill explains
2.  Also: What’s Sovereign Bancorp doing with all those GSE preferreds?
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Libor Signals Credit Seizing as Banks Balk at Lending - Liz Capo McCormick and Gavin Finch -  Bloomberg

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FDIC may borrow money from Treasury: report  - Federal Deposit Insurance Corp (FDIC) might have to borrow money from the Treasury Department to see it through an expected wave of bank failures, the Wall Street Journal reported.  - Reuters 

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A Preferred Problem; Fannie, Freddie Downgrades Loom Large - PAUL JACKSON - housingwire

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Does Equity Key’s Product Make More Sense Than A Reverse Mortgage? - …  So while the homeowner might receive more money by using a reverse mortgage, Equity Key’s product doesn’t increase the borrowers mortgage balance.  The program is a lot like the REX agreement which I’ve covered before but it differs because seniors are required to pass a physical in order to be eligible for the product.  The company uses an insurance policy which is taken out on the borrower when the agreement is signed … - Reverse Mortgage Daily 

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US Prime Auto Loan Performance Weakens Further in June - … in Moody’s latest auto loan indexes.  Prime auto loan credit performance deteriorated in June 2008 as net loss and delinquency rates increased compared to year-ago levels. Moody’s prime auto loan net loss rate rose to 1.24% in June 2008, an increase of 87% from the level of 0.66% during June 2008, a 18% increase from its year-ago level of 0.46%. -   Research Recap

thanks to Kevin for sharing this (BC)

Before banks entered traditional Wall St. businesses, their bread-and-butter was paying an interest rate of about 1.00% to savings and checking accounts, and lending that money to homeowners and small businesses at 6.00% to 7.00%.  This spread is called a bank’s Net Interest Margin (NIM).

NIMs typically widen out in steep yield curve environments as banks borrow from the Fed at low Fed Funds rates, and lend out the curve at higher rates. As NIMs widen out, lending volume typically picks up.  Banks have the incentive to lend more, grow earnings.  This double-whammy effect helps banks earn their way out of loan write-offs, mortgage delinquencies, credit card charge-offs, etc.  This crisis keeps reminding us it may take longer than everyone wants for banks to earn their way out of this mess.  Bank problems have turned out to be much bigger and deeper than most forecasted.

The risk for banks in steep curve environments is the curve flattens quickly.  This typically occurs when the Fed raises rates in anticipation of higher inflation.  In this scenario banks are forced to refinance their short-term debt at increasingly higher rates, which shrinks NIM.

However, as we have found out, NIMs can shrink even when Fed Funds stay low, currently at 2.00%.  Over the last 9 mo’s NIMs have narrowed because all sorts of writedowns have been worse than expected, LIBOR continues to be unreliable, and most debt markets have widened out beyond their March wides.  Some debt markets have completely blown up, no longer providing financing for some $750+BB of short-term debt.  Those who have lost these funding sources have no choice but to go out the curve and refinance at a higher rate.  In other words, NIMs are narrower than they otherwise would be in this steep curve environment.
There is a Refi Wave coming down the pike, and it’s very different than the one you’re used to reading about in steep yield curve environments.  This Refi Wave is not homeowners refinancing their mortgage (mortgage rates are 50BP away from anyone mentioning a MBS Refi Wave).  The Refi Wave I’m referring is the $320BB of short-term debt that Fannie, Freddie, and banks have to refinance by the end of Sept.  That’s right, just four weeks from now.

This is a massive amount of short-term debt that needs to be absorbed by the markets over the next four weeks, and it comes at an inopportune time.  Most debt markets are making new lows in price, new wides in yield for this crisis. And mortgage rates are only slightly off their highs for this crisis.  The market is not a buyer of more credit risk.  And it’s looking like Sept. will kick off a worse-than-expected earnings season for financials.  LEH starts things off when they announce on Sept. 16th.

The markets have been stumped trying to guess Paulson’s next move as it relates to bailing out Fannie and Freddie.  Think no more.  Trsy Secry Paulson needs to orchestrate the refinancing of $225BB in short-term GSE debt over the next four weeks, and he needs to pull this off while banks are refinancing $95BB of floating rate notes.  The Treasury and/or the Fed will have to provide the backstop for the GSE portion of this refinancing, or else the debt markets will blow out wider.  The govt. just might be taking on their first explicit GSE debt obligation by the end of Sept.

And what about FNM and FRE shareholders?  I’ve been arguing for 9 months GSE equities were headed toward $0.00.  If the Fed and the Trsy had no sympathy for Bear Stearns shareholders, FNM and FRE equity holders shouldn’t expect any love.  FNM and FRE shareholders had a great 12 year run as the markets assigned nearly a 0% chance of the GSEs becoming insolvent.  Heads I win, tails you lose.  The GSEs took on massive amounts of risk on the govt.’s dime, and the shareholders were the direct beneficiaries.  This was a horrible trade for the U.S. taxpayer, and it’s why many on Wall St. started calling Fannie and Freddie GSHFs, standing for govt. sponsored hedge funds.

Note to Self:  Implied govt. backing was for GSE debt only, not equity.  An investor didn’t have to read the Prospectus to understand this.  Implied means explicit for the most senior debt, and maybe-maybe-not for the most junior obligations.  So how far up the GSE capital structure is money good?  There’s just no way to know.  Even Paulson and Bernanke don’t know.  They will have the broader markets in my mind as they design and tweak their bail out plan along the way.  Expect Paulson to communicate his GSE bail out plan incrementally as the next biggest sub-crisis arises.  Over the next four weeks, it’s pretty clear to me what part of the bail out plan Paulson needs to focus on i.e. $320BB of short-term debt that needs to be refinanced by the GSEs and banks.

- by Kevin Griffin, Cantor Fitzgerald    Aug. 27, 2008

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Prepared by Sales/Trading staff of Cantor Fitzgerald & Co. (”Cantor”) and is for information purposes only.  Prices provided on customer inventories for which no specific transaction is being negotiated are indicative and not executable.  Not an offer, solicitation or confirmation of terms.  Information provided is believed reliable, but Cantor does not warrant its accuracy.  Cantor may have positions in financial instruments mentioned, may have acquired such positions at prices no longer available, and may have interests different or adverse to your interests.  No liability is accepted by Cantor for any loss that may arise from any use of the information contained herein or derived here from.

The Week Ahead in the Capital Markets

August 25, 2008

The only news worth printing in these dog days of summer concerns Fannie and Freddie. The blogs abound with examples of how the agencies have become worth less than many lesser known companies. Bloomberg quotes a former adviser to China’s central bank: “It would be catastrophic if Fannie and Freddie were allowed to fail. If it is not the end of the world, it is the end of the current international financial system.”

Many analysts hypothesize that the U.S. Treasury will put cash in to Fannie and Freddie. The investment will likely be in exchange for preferred stock, which would not be unprecedented. In 1954, when the government began to change Fannie Mae in to a shareholder-owned company, preferred stock was issued to Uncle Sam to help finance the process. Those shares were retired in 1968 when Fannie became public.

The fate of other investors in Fannie and Freddie hangs in the balance. In last place are the holders of common stock. Good luck to them (I am a shareholder too). Next are the existing preferred stockholders – would they get paid before or after the U.S. Treasury? To complicate matters, a number of regional banks own preferred stock in the agencies, and their collapse would not be so good. And let’s not forget the subordinated debt, the yield on which looked like such a great deal a year ago. There is $19 billion of the stuff, and Fannie and Freddie have the right to suspend interest payments for five years. That would not be good for investors, as the bonds would technically be in default and another class of investors – those holding the wrong side of Fannie and Freddie credit default swaps – would experience what the New York Times refers to as a “credit event.”

So what does the market think? The agencies’ common stock lost about 40% of its value last week. The preferred shares lost about 25%. Moody’s slashed the preferred ratings five whole notches — to Baa3, the last rung above junk, from A1, a respectable investment-grade rating, reports Barron’s. Even the gold-plated mortgage-backed securities are trading near their widest spreads ever.

But seriously, in honor of the start of the Democratic convention, how about that John McCain? He looks like a guy whose head you can barely see over the steering wheel. John McCain looks like the guy who thinks the nurses are stealing his stuff. “Dad, why would they take your socks? It doesn’t make sense.” John McCain looks like the kind of guy who brags that his new denture adhesive allows him to eat corn on the cob. He looks like a guy who parked his RV overnight at Wal-Mart. He looks like a guy at a restaurant that says I’m leaving 10%, that’s good enough. John McCain looks like the guy who goes to the curb for the paper and locks himself outside of the house. … He looks like the guy that walks up to the mound to settle down a young pitcher. John McCain looks like the guy who picks up his TV remote when the phone rings. He looks like a guy on the beach with a metal detector. He looks like the guy who is still confused by the phone answering machine: “Hello, is that - hello, is that you? Larry, Larry, hello?” He looks like the guy who calls his grandson when he screws up the remote: “Well, now all the shows are in Spanish. What am I going to do, hello?” He looks like the guy at the movies whose wife has to repeat everything. He looks like a guy who’s backed over his own mailbox. He looks like a guy whose sweater is always mis-buttoned. He looks like the guy who’s bragged that oatmeal has lowered his cholesterol. He looks like the guy who should be co-hosting with Kelly Ripa. He looks kind of like a Wal-Mart greeter, John McCain. He kind of looks like the neighbor who says, “Oh, that dead tree is on your property,” one of those guys. He’s the guy who is always early for the early bird special, that’s what he looks like. He looks like a mall walker, ladies and gentlemen. He looks like the guy at the supermarket who is confused by the automatic doors. He looks like the uncle who pretends to remove his thumb. I like John McCain. He looks like an old guy in a coffee shop who’s still complaining about the designated hitter. He looks like the guy who asks the driver if he’s on the right bus. He looks like the guy who’s always saying, “What was that? Nothing? That’s what I thought.” — David Letterman

Thanks for your business and have a good week. – Tom Millon

About Capital Markets Cooperative
Capital Markets Cooperative (CMC) provides mortgage bankers with the economies of scale and the expertise to reduce risk and maximize profit in the secondary market. Regarded as the premiere secondary marketing specialist in the industry, CMC has worked with financial institutions nationwide to break traditional barriers in capital markets and take performance and profits to the next level. To date, CMC executives have managed more than $500 billion of mortgage volume. CMC board members are Tom Millon, Jeff Harry, and Harold Koegler.

For more information about Capital Markets Cooperative, visit www.capmkts.org or call 904.543.0052 or e-mail info@capmkts.org. This e-mail is not a solicitation or investment advice of any kind. You may change your e-mail address, or if this e-mail has reached you in error, or you do not wish to continue receiving it, please let us know by replying to tmillon@capmkts.org.