Fannie Mae-No Politics (FNMA)

[Wise Man]

A cramdown doesn't take place after a cramdown.
A cramdown, which is like a bankruptcy, takes place with the picture of their Balance Sheets today. That is, with $311.8 billion SPS outstanding, including the ones that are missing.
And today's Net Worth is just $118 billion. The JPS are wiped out in a cramdown scenario.
You think that the JPS aren't affected by their awful financial condition shown today. All day with Happy emoji, Smile emoji, "Equity cash" by your buddy navycmdr, etc.
It's like holding JPS from different companies. Surreal.