I read that about 30 percent of Npls are actually in the foreclosure process. Same as last Quarter. I also read that sfi places property on the Npl list even if they are current in every aspect but feel valuations are not sufficient for property. I find this odd as there is no reason to hold off on foreclosure unless the property is throwing off cash. And if that's the case why not just extend the loans unless the goal is to keep npls higher. I'm not sure what kind of accounting issue it would be to re-write 1 billion in loan extentions and cut npls, but don't think that is something they want at this point.

It would be nice to get a breakdown on the npls as I have a suspicion a big reason why sugurman is so confident is these npls appear worse than the reality of ultimate recovery.

Anyway, I was very happy with results. It led me me sell off all my preferred and exchange them for common at about 2.16 average. I see more upside in commons as we proceed just as I saw more value in preferred the last 12 months.