The table reports the mean (Column 1) and the standard error (Column 2) of our estimated recovery rates, which are used in return on loan calculations. Additionally, Column 3 reports the number of observations used in calculating the rates. We report value-weighted recovery rates from the defaulted loans computed as the value recovered against the defaulted principal and interest due for both secured and unsecured loans. Because of data limitations, the recovery rates are calculated only for loans written off in the first quarter of 2006. Unfortunately, we do not have the data from other quarters.