During the call, we may also discuss non-GAAP measures regarding our financial performance. A reconciliation of these measures to like-GAAP measures is provided in a table to our press release which was issued last night as well in the appendix to our earnings call slides.

With that, I would like to now turn the call over to Joseph Campanelli, our Chairman and chief Executive Officer.

Joseph Campanelli

Thank you, Paul, and good morning, everyone. I would also like to welcome everyone to our second quarter in 2012 earnings call.

As usual, I would like to begin today with some general comments on the second quarter. After I finish my comments, I will turn it back over to Paul who will take us to a more detailed financial review including our outlook for the third quarter. Afterwards, Paul and I along with the rest of the executive team will be available to answer any questions you may have.

I am extremely pleased to report that Flagstar Bank has returned to profitability, both for the second quarter and on a year-to-date basis consistent with the guidance we provided early in the year.

This is a significant milestone along the path of our transformation. So it’s important that I take a moment to thank our leadership team and all the more than 3,000 employees whose hard work and dedication have helped us achieve this important accomplishment. I would also like to thank all of our customers, business partners and investors that continue to support us.

Our results this quarter, which I will get into in a moment, reflects significant time, effort and commitment over the past several years, but I want to stress we recognize we still have a lot of work ahead of us. In fact, in many ways, we are still in the early phase of our transformation. Now that we have returned to profitability we will continue to execute on our business plan becoming a more diversified super-community bank, focused on key markets and businesses that we know and understand while continuing as a national leader in the residential mortgage business.

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