There is just plenty of supply. There are deals coming out everywhere.

I don't see any way it will be down 20%, like people were predicting.

We had a huge increase this year and it's unlikely that it can be sustained at that level. With interest rates moving higher, mortgage originations will be down a little bit, and as a result, securitizations will be down.

ABS (issuance) will be down a little bit in the coming year because most of the growth was in the home equity sector.

You kind of become surrogate parents.

Everyone wants quick deals. They don't want to invest.