Mr. Seamus McCarthy:

My understanding is that it was originally identified by the on-lender when loans that had been issued were defaulting. When it looked at these, it believed or suspected that fraudulent documentation had been provided as the basis for the loans. Therefore, it contacted SBCI, which looked at the matter and believed it would be liable for a payout to the on-lender. The on-lender will obviously be suffering a loss as well.