Ann: Appendix 3B and Cleansing Notice, page-29

Dude seriously... financial institutions have terms sheets. Each institution submits what those terms are to MSR and then MSR has to fullfi those terms to get finance; like a check-off list. The most logical reason for finance not approved yet is that MSR are still completing a couple more requirements before approval is granted. For example maybe they need construction plans approved. If you want to have a conspiracy view or suggest financial institutions won't lend to MSR on the basis on who they are, then you're valuing MSR as a proxy for yourself. Finance is most certainly on the way; the only question in my mind is the terms and structure of it.