Fannie Mae-No Politics (FNMA)

[kthomp19]

Most jps holders 8/10 do not promote exercise warrants and conversion to egg on common holders. Those 80% talk about those two topics practically as they can be outcomes.

Exactly. And it's more than 80%.

If a hurricane is approaching and a weather forecaster issues a warning about it, is the forecaster "promoting" the hurricane? Of course not.

A few do go out of their way to put down commons and that is also unfortunate.

Don't forget about the opposite. Going out of one's way to bash the juniors is equally bad. In fact, it's even worse in that it's inherently self-defeating: if the juniors are worth anything less than par in a restructuring the commons are worth zero.

At the end of the day, we are on the same boat.

That's an oversimplification. It's certainly possible for the juniors to hit par while the commons go down from here in a recap/release scenario. In terms of the boat analogy, those in the hold can drown while those on deck survive.