Fannie Mae-No Politics (FNMA)

[Mnemonic]

1) I was wrong about how strong the Collins APA claims and the takings claims cases were. With that track record, one should be skeptical of my opinions on the prospects of Collins and Rop.

Ditto. IMO, APA would have been a bonus, but the Takings loss was a complete shocker.

4) Even unwinding the NWS only involves a cash payment from Treasury to UST of around $64B if it happened today, and that number goes down by $4.67B every quarter. The seniors would remain intact and could be converted to commons anyway.

Can you elaborate? I'm not quite following you here.