Fannie Mae-No Politics (FNMA)

[RumplePigSkin]

Raise capital, yes. This doesn't mean he will allow FnF to decide the form of the capital raise. Calabria, by law, has veto power (the power to deny approval) here.

Again, your focus on the legal tree prevents you from seeing the administrative forest. The companies can propose several methods of raising capital. None of them may convert JPS to commons, and certainly the myriad of independent financial advisors on both sides of the regulatory environment - gov vs FnF - will not be proposing lopsided capital raise plans that disproportionately favor one shareholder class compared to another.

It appears difficult for our pseudo-legal friends to see the administrative forest beyond the trees.