Fannie Mae-No Politics (FNMA)

[M I A]

I meant

Sp/Lp to be considered paid in full and written down to zero.
So no need for a conversion because no lp value would exist on senior shares.

And

$27B+ (est) be returned as overpayment beyond 10%( original term loan shark rate) to FnF toward recap putting us closer to cap requirements.

*Similar to a tax refund when filing. If you overpaid then irs sends you the overpayment. In our case we overpaid/ they over stole money and we are owed the excess.

Warrants and cap requirement are other issues, but my post was mainly focused on sp/lp write down as paid and overpayment returned. We'd be at $125B in the green (with $27B returned) at the end of this year and Jp would resume their place at the top of cap stack. We can fight the warrants and cap requirements another day, but for now, Rop, Lamberth, etc are focused and looking favorable to achieve my speculation above.

Hope that clarifies things.

JMO