Fannie Mae-No Politics (FNMA)

[The Man With No Name]

Therefore all talk about the capital stack with regards to CS is misplaced. As I have said several times already, the capital stack was respected, not violated. The AT1 bondholders' contract terms were respected, not violated.

If this CS AT1 bond thing has any read-through to FnF, it's that the junior pref shareholders' contracts and placement in the capital stack will be respected, not violated, even though FnF's resolution will be political, just as CS's was.

All this talk about CS confirms the peanut gallery is beginning to see the inevitable....in the meantime, they are just lashing out.