Mr Cooper Group Inc (COOP)

[Chiron]

**Regarding the preferreds...

You have to understand that since 3/12 there has been nothing but perceived bad news, bad news, and even more bad news. The people that bought up the PQs from the $25 level where they were in December to over $100 in March are abandoning ship or lessening there position. Same with KQ.

It's very easy for the MM's to walk them down. They will continue to try to do so until something changes in the sentiment of the outcome here. That could be any number of happenings; shareholders meeting, SJ, Solomon's numbers, etc...

Or it could be the rejection of the POR by Walrath. Who knows? But it's going to take some positive news to get people back in. Frankly I'm amazed at the strength of commons, they are holding .17 very well.

One thing to remember, last April's high on the PQ is this April's low... Commons are trading higher than they were last April as well.

The macro trend on all classes is still northbound, but we're still in the valley of the crater from the bomb Rosen dropped on 3/12 and we need some help from the EC and Walrath to get back out.