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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: patron_anejo_por_favor who wrote (197675)	10/15/2002 5:34:52 PM
From: reaper	Read Replies (1) of 436258

yeah, i saw it. the delinquencies are not really effected by the re-classification, but the net charge-offs are. to be fair i don't think they're spinning the increase in delinquency on the re-classification -- they actually from what i can tell make no real comment about why delinquency is up. couple of interesting things. one, accounts are DOWN sequentially, if i read the release right. but managed loans are UP 7% sequentially; so that would mean that each account has a 7% larger balance, while at the same time delinquenicies and charge-offs are moving up. that can't be good. the other is the decline in marketing expense. you'll have to excuse my skepticism but i frankly do not believe that they cut their marketing expense by literally half in the quarter from the June quarter. i don't think there's anything here to move the stock big one way or the other tomorrow. we will presumably be aided by an overall weak market. Cheers

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