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Subprime Residential Debt Outstanding in the U.S.

(Dollars in billions)

Period All Res. Debt. B&C Debt B&C Debt,

Ending Outstanding Outstanding % of Total

1Q '05 $7,817 $951 12.16%

1Q '04 $7,224 $692 9.60%

2004 $7,664 $917 11.96%

2003 $7,081 $667 9.42%

2002 $6,305 $506 8.03%

Notes: Based on quarterly surveys conducted by NMN and MSN for the MID. Some subprime lenders are now significant players in the interest-only, alt-A and payment option loan markets.

Source: MSN/2006 MID (11th edition) Questions? Email: Paul.MuoloSourceMedia.com (c) 2005 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com http://www.sourcemedia.com

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