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

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

Hurricane Katrina has devastated the lives of victims in four of the SEC's states -- Alabama, Florida, Louisiana and Mississippi -- and may continue to do so for months and years. We express our sympathies and prayers to everyone who has been impacted by this storm and we are anxious to assist in the recovery efforts.

Hurricane Katrina has devastated the lives of victims in four of the SEC's states, Alabama, Florida, Louisiana and Mississippi, and may continue to do so for months and years to come,

Hurricane Katrina has devastated the lives of victims in four of the SEC's states -- Alabama, Florida, Louisiana and Mississippi -- and may continue to do so for months and years, ... We express our sympathies and prayers to everyone who has been impacted by this storm and we are anxious to assist in the recovery efforts.

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