Fannie Mae-No Politics (FNMA)

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"Infowars.com has obtained a copy of a compliance “Adherence Letter” authored by Pointer Management, LLC, dated September 30, 2008, making it clear Pointer was taking a short position on Fannie Mae and Freddie Mac by buying derivatives, specifically credit default swaps, that would generate for Pointer a handsome profit, provided the share prices of the two GSEs went down."

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Credit Default Swaps seem to be the reason why FnF pps gets driven down after good news. One needs to look at total CDS issued on FnF stocks to understand pps movement.