Fannie Mae-No Politics (FNMA)

[RumplePigSkin]

Bradford - restructure the Treasury's agreement with the GSEs, it doesn't say restructure to give the JPS investors a windfall ... yadda yadda yadda ...

What it is saying is Treasury and the GSEs will figure out a way for the Senior Preferred Shares to be restructured, not the Junior.

That is a pretty ginormous leap of faith from an investment standpoint to think that snippet points to a windfall restructuring for the Junior Preferred Shares where the person who issued those shares, former CFO of the GSEs Tim Howard, called the JPS shares a "quagmire."

Words matter ... or at least that's what I'm told ...

Corrected the above from prior post