Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from Donna Halverstadt - Goldman Sachs.
Donna Halverstadt - Goldman Sachs
I had a couple of quick questions. The first one I had for lack of a better description, is there any sort of statute of limitations so to speak on rescissions and denials for misrepresentation? If a loan performs for six months or 12 months or whatever the time frame is, does it somehow become ineligible to be reviewed for misrepresentation?
L. Stephen Smith
There isn’t technically a statute of limitations but we have normal procedures and processes that we conform to that we have consistently done over time in terms of doing that. Typically you will begin to look at early payment defaults and we typically define an early payment default as a loan that has gone delinquent within the first 13 months so that is kind of the beginning process; however, having said that, there are other considerations over time as well.
Donna Halverstadt - Goldman Sachs
The other thing I was curious about, and I only looked at your materials briefly because of other things that were going on this morning, but I had expected to see some additional disclosure on the performance of the Australian pool. I thought that was something you are considering. Did I miss it or did you decide not to give more disclosure on the performance of the pool underlying the QBE note?
Donald P. Lofe, Jr.
You are correct, we were considering and did consider in significant fashion additional disclosure. We will be filing our Q later today. However, we are going to just make the statement that I made in my remarks that we don’t expect to have any deterioration at the QBE note value and we would expect at December 2011 repayment of $208 million.
Donna Halverstadt - Goldman Sachs
I note you were very clear that you feel you have enough liquidity at the hold co to get through 2011. Would you care to give us your estimate for year end hold co cash at year end ’09 and year end 2010?
Donald P. Lofe, Jr.
To give you 2009 we would estimate approximately $67 to $70 million at 2009 and I’m not going to speak to 2010 at this time.
Donna Halverstadt - Goldman Sachs
I’m sorry, I didn’t hear what you said for ’09.
Donald P. Lofe, Jr.
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