Fannie Mae-No Politics (FNMA)

[RumplePigSkin]

Bradford, thank you for showing your true colors. You may want to try the conditional tense. This will not workout well for JPS. The market has spoken and you absolutely do not know more than the market as JPS has fallen a whopping %50+ relative to commons.

I hate to break it to you that no one in the JPS camp wants to admit, but if SCOTUS rules in favor of Ps, commons easily outperform and it won’t be close.

Stating the cap rule is set in stone as you do only sets you up for continual failure. There is at least a 50/50 chance the cap rule is updated to a more reasonable level, but that will take time and at historic low rates for the forseable future, commons continue to build capital. Also stating the letter agreement will continue to exist in its current form as a bedrock investment strategy is pure fantasy. Of all people you are conjuring scenarios in the JPS echo chamber to justify your positions.

Frankly I’m shocked and astounded you JPS guys had no clue Thompson was asking to have the liquidation Pref set to 0, deemed paid in full. Your twitter talisman was baffled by such a report which means most likely the rest of you in your echo chamber were unaware. If I thought all that was before Scotus was a request to end only the NWS, I would be 100% JPS also, but you guys made a spectacular mistake there. It is shocking ...

Why would Tim Howard call your JPS trade a quagmire? Most likely because it is true. If the opposite of everything you predict happens, doesn’t that tell you something? The first rule of getting out of a hole is to stop digging.