Mr. Simon Brook:

One of the interesting distinctions is between the sub-prime lenders and the non-sub-prime lenders. The sub-prime lenders appear to have no difficulty with operating the scheme. Of the 31 units we have processed, I think 28 have been from a sub-prime lender, although I am not certain.

The system can be made to operate if that is what the lenders want. What we are up against with the main banks is that they express interest in a number of cases but that is where it ends. We simply do not get any further detail or any further processing of the cases from the banks. These delays occur all the way through the process, even, for example, where we have agreed everything and are closing the sale. In some cases, we have serious problems in getting the information we need from the banks - in regard to title, for instance - in order to close the sale.

The main difficulty for us in dealing with the banks is the occurrence of these types of delays. There are, however, other difficulties with the process, as we have consistently maintained. It involves two changes of ownership, for example, which inevitably makes it more complex than we would like it to be. There are changes that could be made to simplify the process, but it could be made to work as it is if all the stakeholders were genuinely committed to making it work.