Fannie Mae-No Politics (FNMA)

[The Man With No Name]

Who gets paid first is the most important thing. Right now, it's the government. You should ask yourself whether or not the government will decide they've stolen enough and is ready to put this back into the hands of private ownership.

5 years won't matter if the SPS liquidation preference keeps going up dollar for dollar of retained earnings.

The government has to make a choice. It's either defacto nationalization, i.e. the status quo, or they take a haircut on their SPS to release the GSEs from conservatorship, or lastly they don't take a haircut and this goes into receivership, which will result in a slew of new lawsuits because shareholders actually have some rights in receivership.