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Okay. And then heading forward With all the $250 million in costsaves from your severance, I assume, per year. Did you disclose what theamortization period of time will be if it is an average 3 yr?

I imagine that you willwith using 1400 staff members outside of census; I are convinced it’s sensible toassume that we are going to start to see declines in all the infrastructure traces,occupancy, interaction, etcetera.

You talked about equilibrium sheet reduction as one particular other thingsgoing ahead when it comes to how you really feel about cash adequacy. What exactlydone in the quarter and perhaps you may sizing it regarding Web assetreduction, like what causes it to be way off?

As portion of the effort and hard work, we shut our subprimeoriginator Encore credit history cutting down occupancy charges, headcount and technologiesspend, even though retaining our capability to originate every type of mortgages throughBear Household Mortgage loan Corp.

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So, I think We're going to probable see some headroom in thecompensation figures, due to the timeframe it's going to take to ramp up thedeferrals, and we expect the $250 million reduction in operating charges thatstart being up in the first quarter.

So, I thinkthat revenues will probably be in all probability lower than '06 and what that turns into aprofitability will be a operate of the mix in the company and our ability tocontrol fees.

Okay. There were essentially losses this quarter from markingstructured financial debt with your stability sheet to current market, Regardless that your CDS spreadwide. In the last quarter, you've mentioned endeavoring to kind of locking thosegains. Was the reversal have anything at all to try and do with hedging things to do thisquarter?

In closing we produce a several remarks about our outlook as wehead into 2008. Our2007 was an extremely demanding yr.

five billion, I believe. To make sure that deal fell out of your pipeline, the harmony ofthe adjust were being transaction which were shut. You'll be able to see that, simply because our fundedbalance are down, we were capable of distribute Considerably of that.

And given that the scale of our other payment-based mostly businessesare just not sufficiently big to offset that, I imply that, is just--it’s clear. Soit was a complicated quarter on the buying and selling aspect from looking at, at the very least someof the final results that I have witnessed from Other folks.

So, I am assuming It can be likely very shaken. And then it's possible as par of that,chat just a little about variations you men have website designed the bolster danger managementpractices that will help make sure you guys are kind of more protecting from a reduction likethis going forward?

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