Figure 2 shows the forecast CDR vector we estimated for a specific MH deal. The actual cumulative defaults-to-date for this example was $125 million. In this example, we included the balance of repossession inventory ($15 million) and 90+ delinquent loans ($17 million) as part of cumulative defaults, given the likelihood that repossessions and seriously delinquent loans eventually result in default. There are several variants on this analysis that can be considered. Some investors may wish to only assume that a portion of these loans will default. Others may wish to separately analyze those loans and use a different vector for the remaining loans. No matter what choice is made, it is important for investors to fully understand the definitions of the terms used for reporting and modeling MH securities.