We have elimated the floor on our ARM's however the rate can never be less than the margin. Would the following then be an acurate statement? "There is no minimum interest rate limitation during the term of the loan" Our note however provides detail to the effect that the margin would be the floor.

If it can never be less than the margin, what makes you think you don't have a floor???

What makes you think that the index will never go negative? The Swiss just sold 10 year bonds at a negative yield.

Randy:

That was my exact reaction when I was posed with the question. Thanks as always!