Fannie Mae-No Politics (FNMA)

[Donotunderstand]

if you are talking about credit default swaps -- the big WRITER - OWNER was AGI (and they only bet one side and lost by going long) Tons of money involved in CDS but 45% or it - or thereabouts was A to B contracts long and then A to C contracts short - such that A was only mildly exposied long or short. THEY (biggies) all did that ---- except AIG which went 100% long

I owned some Washingto Mutual and got beat up when they were taken over on a Thursday --- never before by FDIC

Along the way made a bit of money trading it

But note --- Washington Mutual is a mess and maze and arguments on both sides
BUT all debt owners - got every single penny back
I got a ton back on cheap over discounted Trust Preferred - deemed by that bank to be debt (lowest debt but debt)
They even had enough money at the end to make a lot of crooks EXTRA money and provide some minor relief to equity
Strange and Stranger - and seemed to me - a dumb ass court -- as it gave away tons of disputed money - nearly 100% to JPM v some more to equity owners - common and JPS