Fannie Mae-No Politics (FNMA)

[Commons_Cancelled]

I wouldn't buy Commons until there's more visibility into which Plan is decided upon. No reason to buy that uncertainty. That's probably why they are drifting lower. Too many awful situations face the Common shareholders and very few outcomes that work out well for them.

The best-case scenario -- Moelis -- still destroys future EPS for the Commons. But at least under Moelis, Commons could see ~$15 in the next decade.

But the not-so-great scenarios could have Commons valued around ~$5, and in some scenarios they could even get Cancelled altogether