Fannie Mae-No Politics (FNMA)

[JOoa0ky]

Since you've already closed out of the position, mind me asking where do you currently see a better opportunity?

Or rather, where are you allocating all of the money that was in FnF.

There is no way to wipe out juniors outside of receivership. None, nadda.

Juniors could agree to a haircut, though, as you know. The problem with a voluntary haircut is what to do with those who don't agree....more litigation or a pre-packed receivership with those remaining claims who want 100% of face value.

Commons can be wiped out 6 ways to Sunday. They can still retain their 100% interest and be worth sub-penny.

Ultimately who gets what will be determined by the Enterprise Value of the GSEs as valued by the market in a re-IPO.