Fannie Mae-No Politics (FNMA)

[FOFreddie]

Hi Kthomp - the 5th Circuit and possibly the 6th Circuit on Remand could make the SPS Void in Collins (5th) or Rop ( 6th on Remand).

TH is the best guidance at this point. Everything else is speculation or by virtue of some to beat down the price of commons for their own interests.

Perhaps none of this litigation will be successful or it will just be another pyrrhic victory but it needs to play out unless the USG settles which no one seems to believe will be the outcome.

The USG did finally settle the All American case which was the predecessor appropriations case in the 5th Circuit.. The settlement was a stand still where no more enforcements actions would be taken but the fees and actions prior to the Court win remained in place. Even if the Liquidation Preference is frozen as part of a court outcome or settlement it is a win for common.