Fannie Mae-No Politics (FNMA)

[RumplePigSkin]

Holden, appreciate your response. Collins is seeking an injunction on the PSPA to prevent another NWS amendment and to deem the PSPA paid (common parlance), which means the liquidation preference is written to 0, and to have the overpayment on top of the 10% dividend returned to shareholders.

If you question that please refer to Collins’ briefs or to oral arguments, particularly ACB’s questions to Thompson.

SCOTUS is absolutely an option to wait for and ACG believes Biden will wait for SCOTUS to adjudicate the PSPA and the 3rd amendment. But Bradford says Biden will turn on the NWS on Jan 21st? What? Talk about jabs ... Unless, of course, you disagree with ACG again ...

There is not one path. The whole JPS premise to get good conversion terms and not be diluted is predicated on one path. That might be the only path for JPS but it is not the only path for commons.

Ackman provides a solid interview on FnF = totally ignored by Bradford.

Jacob’s analysis has one bullet point on how commons can outperform JPS in several scenarios but not even a slide follow-up across 30 slides?

The insistence WaFed is materially different from Fairholme in terms of remedy? False and Sweeney states as much.

The list goes on and on ...

Cmon ... where there is smoke ...