Fannie Mae-No Politics (FNMA)

[RumplePigSkin]

Sort of - it is obviously intended to sell the JPS shares to potential investors and who knows who “commissioned” him to create the presentation. He is currently a “free agent” and is looking to join a company, which is fine.

None of the common scenarios where commons outperform JPS were given a second glance. The presentation pushes the rosiest JPS scenario. Also, conspicuously, it was on Bradfords site before it was published so Bradford may have had a bias hand in helping create it.

JPS need to sell their vehicles a lot more than commons for obvious reasons ...

Not sure why the capital raise needs to be front loaded. Some big assumptions being made and FnF want 5 years and I don’t see an extreme rush to raising capital 3rd-party capital.

Brickman leaving, Mnuchin’s statements on creating a plan/framework for Yellen, etc., plus a delayed consent order makes me think.