Fannie Mae-No Politics (FNMA)

[imtheshadow]

My lay persons take: The appeals court blocked any attempt to challenge the NWS itself because of the anit-injunction clause, but remanded the issue of contractual dividend rights of preferreds (common don't have any) back to Lamberth for a potential takings claim. The filing we saw was the Institutional Plaintiffs (IPs) asking the same 3 appeals judges to reinstate their right to participate in the remand because the IPs did not specifically include their claims in the motions heard by the appeals court (the IPs thought it was understood their claims were included with other plaintiffs). Bottom line: it seems that there will/may NOT be a request for an enbanc hearing on the NWS issue, which may be why the pps has fallen (because commons will not benefit from the remand, only preferred).

Thoughts/corrections appreciated. Sincerely, Not Smarter Than A 5th Grader