Recent REIT reports seem to be indicating a continued appetite for the first tranche, but increasing problems unloading the scratch and dents, refurbishes, etc.

I would say that the loss of marginal profitability is going to hit some of these companies hard over the next year. It’s the mezzanine holdings that investors are becoming leary of. Having to hold more is cutting into profitability already for some companies.

Another factor is concentrations. You have to write enough of these in enough areas to get good risk evening, or you have to mix and match. A lot of companies seem to be looking to unload nonprime business lines.