Fannie Mae-No Politics (FNMA)

[Donotunderstand]

note

my comments that a huge SPO could bring 8 10 12 assumes warrants are extinguished and we otherwise are treated "fairly"

if its worse - and it can be - all bets are off

indeed if worse then say 8 10 12 was not possible - the markets would not have us trading around 3 but up at 6 7 8

trading at 3 tells us - IMO that

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18

are all possible and the likely number is 6-12 (all my personal math )