Fannie Mae-No Politics (FNMA)

[RumplePigSkin]

Calabria will listen to the consultants, JPS is not first priority. You guys need to stop the false hope that JPS priorities are at the top.

First group:
- Cap Rule
- SPSA
- Warrants
- Consent Decree

Second Group:
- Cap raise plan proposals
- Cap needs approval
- Possible restructuring proposals
- Restructuring needs approval

Calabria approves and he has said so many times the companies will be responsible for raising capital, which will include any restructuring proposals developed by the companies. Again, Calabria and Treasury do not have JPS at the forefront of their plans, especially while their direct claims legal challenges are getting crushed = no leverage.

I’ve been in the JPS position before married to an antiquated investment thesis. And in this case the fundamental investment thesis was liquidation. The restructuring investment thesis is a pipe dream.

I would balance my JPS portfolio if I had any left if I were you guys so you don’t miss the boat.

Lastly, be aware of investment board participants who’s sole purpose is to lull you into a false sense of security so you don’t tank the JPS shareprice before their handlers are able to execute on their plan.