(SINV (SINV (S (BASENP (DT The) (NNS delinquencies) (CC and) (NNS defaults)) (VP (VBP have) (VP (VBN started) (S (VP (TO to) (VP (VB soar))))))) (COMMA ,) (SINV (VP (VBD said)) (NP (BASENP (NNP Nicolas) (NNP Retsinas)) (COMMA ,) (NP (BASENP (NN director)) (PP (IN of) (NP (BASENP (NNP Housing) (NNPS Studies)) (PP (IN at) (BASENP (NNP Harvard) (NNP University))))))))) (PERIOD .))