Fannie Mae-No Politics (FNMA)

[The Man With No Name]

How about giving up on arguing for the SPS cramdown and focus on the merit of a JPS conversion to common shares to help meet the common equity requirements for exit?

There is no such thing as SPS "cramdown". KT nor I are advocating for SPS conversion either. There's a difference between advocating and knowing the likely outcome (if FnF are to exit before 2040+).

The SPS cramdown does not help the JPS.

. SPS conversion absolutely does help JPS. And JPS conversion helps FnF exit conservatorship.