Fannie Mae-No Politics (FNMA)

[ReadyToRumble]

I don't believe the senior preferreds are worth the hard drive space they take up in the Treasury or FHFA's computers. Oh, they can guise the whole earnings retention as being offset by the equivalent in SP debt, but that's not gonna hold water the day they try to defend that whole scenario in court.

I believe Mnuchin and Calabs are simply rolling with this to satiate the congressional DBs (like Foster) that they have to slide by in order to release FnF.
How much ya wanna bet that they send the same lackluster attorney they sent to en Banc to defend the legitimacy of the senior preferred. Courts will say they're worth zero and Mnuchin will say, "Alrighty then!"

Btw, Bove doesn't know dick. But he does know how many jps shares he owns... which is why he dogs the commons any chance he gets. pos