Fannie Mae-No Politics (FNMA)

[Commons_Cancelled]

Agreed, they're big on getting Sr. Preferred Redemption value. But if the FHFA & Financial Advisors were to decide that's the best way to Recap the GSEs, then they might as well do the Sr. Preferred Cramdown Plan instead.

It would be a straight line to Recap rather than doing it via a round-about. But now more than ever, it's clear that Commons face significant headwinds moving forward.

I imagine Commons sell-off tomorrow now that people have had a chance to digest this Report and realize how devastating things may end up being for Commons.