Fannie Mae-No Politics (FNMA)

[familymang]

Or alternatively, if the market determined the EVs of the companies put the JPS in the money.

In your restructuring experiences how would EV be calculated here, would accumulated net worth have to be factored in?

For example if the market value of the operating biz for the GSEs were $250b, would the total value be $344b? ($250b+$94b of net worth today?) If so does that mean for the JPS to be "ITM" the total valuation for the operating biz needs to be > $194b, or >$227b for full recovery? ($288b LP - $94b net worth + $33b for JPS)

Or would the bogey for JPS to be ITM always be the snr pfds LP ($288b today and increasing every Q)?