Fannie Mae-No Politics (FNMA)

[The Man With No Name]

I am VERY aware of the absolute priority rule. I have been through many reorgs so don't tell me shit about that. You should know that in practice the absolute priority rule is not always used because nobody challenges it or there is an agreement within the senior parties.

EVERYBODY challenges a violation of the APR if it is not by agreement. And I said haircuts are only by agreement, didn't I? Well yes I did. There is NOT one judge that will confirm a re-org plan that violates the APR if the nuisance value paid to shareholders is NOT done by agreement....because it's illegal, as I said. You don't want to hear shit? You just did.

Some stakeholders get NO say in the matter. Often times it is up to a creditors committee to determine the agreement. Sure there is a vote among classes.

I don't need a lesson in voting classes and the APR, apparently you do.

You just said this is a conservatorship not a bankruptcy. So why would seniors have the authority to give anyone anything? They don't.

The seniors in this case are the SPS AKA the federal government who also holds all of your rights. They can do as they please, but yes, they can certainly give commons .00001 cents. That point I agree with you.