Ron Mandel (GIC): Are there any third-party vehicles that you manage or otherwise that might - third-party related assets where you manage the conduit that might come on the balance sheet?
James Dimon: The conduit can go on the balance sheet, but that would barely impact capital because it is already included in capital.
Michael J. Cavanagh: There are a couple hundred billion of other forms of securitizations, VIEs, totaling up.
Ron Mandel (GIC): At one point you indicated the amount of home equity loans as a percentage was over 90% current loan to value. Do you have an updated figure?
James Dimon: That was over 100%. That was like they would go into negative equity.
Michael J. Cavanagh: It was 10 and negative equity at the beginning on a current basis going to potentially 20. We are somewhere along that spectrum of 10 going to 20 in negative equity.
James Dimon: What we do not know, which we can not project is how will people act who go negative equity who have been living in a home for three or four years, because you are hitting different vintages now. People who have actually been there, their kids are going to school. It is a different thing than people who bought their homes on a 100% LTV in 2006 or 2007.
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