Fannie Mae-No Politics (FNMA)

[FOFreddie]

Scenario No. 4 - The NWS and Liquidation Preference is voided by the 5th Circuit and/or SCOTUS as a remedy for the separation of powers Constitutional violation. JPS liquidation preference is preserved and common pro-rata interest in the future market value of the GSE equity increases or decreases as future market value of the GSEs is impacted by market forces offset or enhanced by increases in retained earnings of the GSEs.