Fannie Mae-No Politics (FNMA)

[FOFreddie]

Ok - that is your interpretation of these pages in a book.

You are saying that "all" is not always - every one of, or the complete amount of or the whole of in the case of GSE equity.

There are three classes of common in the GSE capital stack, common, JPS and SPS - all includes all three but you believe all is qualified by the other discussion in the book - correct? The assumption is that all is not all in this case and that is why you think there will be a cramdown.

Personally, I am more convinced that UST will write down the SPS if it is not voided by the separation of powers suits and that all legacy common will share parri-passu after JPS are incentivized to convert and new shares dilute the combined UST and public common equity interest on a parri-passu basis.