Fannie Mae-No Politics (FNMA)

[LuLeVan]

I disagree that any JPS holder here is "promoting" a common cramdown.

For a very simple reason: A SPS-to-common conversion would result in a 40% to 50% haircut for JPS. If only the warrants are exercised, there would be almost no haircut for JPS.

So would you really "promote" a solution that only gives you $12,50, when there are other more favorable options that bring JPS to par?

Therefore, no JPS holder in their right mind would promote (encourage) a common cramdown. Many, however, see it as most likely coming.