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To: Dale Baker who wrote (30558)	7/18/2002 3:28:54 AM
From: Dale Baker	Read Replies (1) \| Respond to of 118717

Hadn't noticed this before - NFI director spends big bucks on NFI stock. How many other companies have six-digit insider buys at $25 per share? 2002-04-26 - 2002-04-30 MEHRER, EDWARD W. JR Director 12,000 Purchase at $25.45 - $25.9 per share. (Cost of about $308,000)

To: Dale Baker who wrote (30558)	7/18/2002 10:56:21 AM
From: Carl Worth	Read Replies (1) \| Respond to of 118717

considering NFI just started paying dividends a year ago from the data on yahoo, how safe do you think that dividend is longer term? clearly they have benefited from the housing boom and the rash of refinances but do you think that will continue? in reading their last earnings release i like the fact that they say 93% of the mortgages they originated are covered by mortgage insurance so their risks seem to be pretty limited on their loan portfolio eventually the refinances will slow down so then they will have to make most of their money from new mortgages, i don't think the volume of housing transactions will slow down any time soon even if the prices of houses don't escalate as quickly because people will still need to move and younger people will still reach the age where they look to buy their first house while older people's houses will be sold after they pass away, etc. so that part of the business should do fine, just wondering if they can keep their earnings high enough to sustain this dividend or hopefully even increase it long term your thoughts? carl