Fannie Mae-No Politics (FNMA)

[bradford86]

Nope. Jps have to be dealt with as part of raising new third party capital

Any solution requires addressing jps. Common however can be diluted by the massive spspa which has more liquidation preference than the market value of the post reorganized equity. Thats when you know the commons are a frog in a pot of boiling water. And then there are 80% warrants too! And then they need to raise new money by selling new stock too!

Commons are a drop of water. This drop of water becomes unrecognizable when you add it to the toilet and flush it down.

Huge difference in security here. Commons have nothing but prayers for the government to be kind to them — where the government has had no history being kind or playing fair. In fact the government broke the law throughout and got away with it. The supreme court has rewritten the law to let the government get away with this one.

So jps come out at par. Common are tragedy. Sorry. Plan accordingly. The end.