Fannie Mae-No Politics (FNMA)

[RumplePigSkin]

JPS are going to get crushed as there will be no quick capital raise. The spread on the JPS to Commons trade will continue to shrink and JPS will really be in no man's land.

Capital structure be damned if only a PSPA amendment where basically only more and more capital is retained. Not a needle to be threaded, it became a gapping hole with Trump losing and Mnuchin's public statements about retaining more capital.

All that needs to be done is have FnF be party to any future PSPA amendment signoff.

Good Luck JPS, your trade is dying ...