[Rick Lee]

Yes, we became an FSB on Jan. 1 this year. We are owned by GE, so there's not much of a liquidity problem there and the big shots swear to us that GE is in for the long haul and will keep WMC afloat for as long as it takes. But that doesn't do much for my personal situation. All of our niche products went away last week and our already high pricing just got higher. We may have less competition, but we have a lot fewer loans to fund too. One guy on my team had $8 million of his pipeline get killed for appraisal issues last month. I'm not much hurting for submissions, but every one I get gets killed for some reason or another and then the broker send the loan somewhere else and they always close it. It looks to me like WMC plans to have us rebrand the company in the marketplace. That's fine if you're getting paid for it. But making 100% commission and spending the next 6 mos. trying to rebrand and remarket the company is not gonna be a well paying job.