Fannie Mae-No Politics (FNMA)

[TRCPA]

I think some of the Jr. Preferreds here are basing their opinions very strictly on HERA and a traditional model of how preferred shares would be compensated in weakened/BK company situations.

When you step back and look at the case of the GSE's, you have a number of different and unusual variables in place here.....including companies that affect a significant part of the housing economy, politics, a number of high profile court cases including SCOTUS, and a circumstance in which a branch of the federal government has continued to control extremely profitable public companies under a conservatorship for 12 years.....among others.

This is an unique case unto itself.