Yes, Tim Howard said "quagmire trade" regarding JPS in the commentary section of his article "The directory digs in".
https://howardonmortgagefinance.com/2020/10/07/the-director-digs-in/
quote: (Jan. 16, 2021)
Tim Howard: "I think the notion of a simultaneous settlement and massive private placement of equity with new investors is a fantasy (cooked up by holders of Fannie and Freddie junior preferred stock hoping for a quick way out of a “quagmire” trade)"
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However, in the same commentary section Howard was asked two days later which positions he personally holds in FnF.
quote: (Jan. 18, 2021)
Tim Howard: "I have positions in both Fannie Mae common and preferred. As I’ve noted in the past, both holdings are legacies of my time as a Fannie Mae executive. I held nothing but common shares until August of 2009, when I sold half my common shares (at a price of $1.93 per share) and used the proceeds to buy the Series N preferred (at a price of $3.40 per share), chosen because it was the last I issued as CFO of Fannie. I’ve done no trading in either Fannie common or preferred since then (and do not own, and never have owned, any shares of Freddie)"
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So, if the former Fannie CFO sold half of his common stock to buy JPS in 2009, he must have had a good reason for that. Nobody would do that if is has no benefits.
IMHO commons and JPS are in the same "quagmire" - and this is basically the conservatorship. When it ends, JPS are probably better off because they rank higher in the capital stack (comparable to bonds in other restructurings) and they have no risk of becoming diluted in upcoming capital raises.