We expect to see a modest rise in delinquencies in the quarters ahead.

We expect modest rises in delinquencies in the quarters ahead, particularly as related to Hurricane Katrina and its effect on the Gulf Coast.

The historical low delinquency rate was 3.9 percent in the late 1970s, while the historical high for delinquencies was 6.07 percent [in 1985]. Right now it's right in the middle between the all-time low and the all-time high, and we're just coming out of a recession.

The increase of delinquencies is not surprising. We have been expecting an up-tick in delinquencies due to a number of factors.

The effects of Hurricane Katrina in Louisiana and Mississippi are reflected in the overall level of national delinquencies.

That's way too far ahead, ... I'm so excited to be in the quarters. I'm going to leave it at that. I would love to answer that question in a few more days, but right now I'm just ecstatic to be where I am.