I think you are a little confused Walter has no subprime in their portfolio all loans are conforming with less than 3% delinquent. HMC on the other hand has a very poor portfolio. The beauty of this merger is that Walters makes a bunch of money and given HMC's tax loss carry forward their will be no federal taxes due for a few years. Being a REIT they have to pay out 90% of the profits which means that the dividend will probably be in excess of 10%.