Mr. Edmund Honohan:

I mentioned the American experience. That was reported by the professor and one of the comments he made was about the paperwork scandal; he called it the paper chase as they could not find it. They have a private registration but it is only 70% accurate, apparently. Investors are completely blindsided by the servicers who say, "we got an offer but we are not satisfied and we will keep collecting money on a percentage basis - on the drip - from the borrowers." The great money-making scam is at the servicers' end and the investors are the ones who are at arm's length and are unable to impose their will on the servicers.