Fannie Mae-No Politics (FNMA)

[FOFreddie]

Great Analysis Ace Trader. I totally agree that JPS are going to get paid PAR plus hopefully at least a couple bucks from Lamberth. The question is when?

I just dont think common is going to be crammed down most likely because the SPS will be declared void by the 5th Circuit. Personally I think Ackman will advocate for PAR for the JPS and then bring a suit to get fully compensated for his common stake - just no cramdown like the CBO Scenarios 2 and 3 - these are based on the SPS remaining in place.