Fannie Mae-No Politics (FNMA)

[Potty]

The presentation contains one nugget -- Treasury in Lamberth court ordered discovery turned over huge cache of documents a couple of months ago

Pagliara's main thesis is a little like Michael Kao's: Basically (a) Pagliara admits he was naive to think it was politically doable for anyone to accept NWS was illegal and return overpayment so (b) SCOTUS ruling is only feasible way to get that done... and (c) he thinks David Thompson is right SCOTUS will do that or adminstration will settle

So it all comes to a tossup on the ruling of the highest federal court in the land -- hence part of the price dump. Problem is also we have a new Dem administration with who knows what policies and goals... the other part of the price dump

Got to tick down a but on JPS before it gets interesting