Fannie Mae-No Politics (FNMA)

[FFFacts]

It seems under Collins that the court has said that the FHFA can self deal or do things for the public good BUT the FHFA is not shielded from unconstitutional Takings and Separation of Powers claims since the anti-injunction and Succession clauses in HERA don't apply.

There is still a better than one for one conversion on jps to common, do you recommend that jps convert at least 10% to hedge against the possibility of a multi year litigation track, organic capital rebuild via retained earnings and any litigation recoveries, and a favorable resolution of the LP?

It was obvious that scotus wants this to proceed as a nationalization/takings/exaction case.

Because of the liquidation preference both common and preferred are screwed but if you think these companies will be around as private shareholder owned corporations and there is no other action against the capital structure aside from warrant execution the preferred seem to be more attractive.