Fannie Mae-No Politics (FNMA)

[Commons_Cancelled]

Thankfully we're all going to have a lot of clarity in the next 6 months.

Later this year, almost all of the cards will be on the table and we'll hopefully be able to come up with a realistic price target for FNMA Commons.

Until then, it's just a guessing game. Although, $4-6 is the most likely range for Commons considering everything we know now. A lot can change, and that range can go up/down significantly pending those variables.

Receivership

Highly unlikely, but still not impossible.

Cram down

Unlikely. Will largely depend on election. If it happens, Commons are worth sub-$0.50

Conversion

Highly Likely.

Sell the pops cause it drops

This is true and holds true even until this day.

2.50????

Seems a little low, but not outside of the realm of possibilities.

Commons get cancelled

Highly Unlikely, but still not impossible.

Recap hierarchy

100% FNMA Fact. Hierarchy / Capital Structure matter in a Restructuring.

My cousin Arnold

No comment.

Ackman hedged cause your a loser.

He saw a reason to be concerned and hedged. Nothing wrong with that decision.