Fannie Mae-No Politics (FNMA)

[Mnemonic]

kthomp, if I'm optimistic that SCOTUS will pick up the Fairholme v. US case, and even more optimistic that the derivative takings claim will succeed, how would you value the commons? If SPS get written down, what is price floor?

EDIT: For the record I'm mostly JPS, but don't mind dipping my toe in the water for FMCC.