Fannie Mae-No Politics (FNMA)

[The Man With No Name]

There is nothing charitable about a write down.

Of course there is....but let's be clear. You and numerous other hopefuls want a write off....yet term it a 'write down'.

The SPS will take a hair cut and I believe the JPS will take one as well. This has to be done for a release any time soon.

The amount of hair cut(s) will be tied to the newco enterprise value as determined by the market/new money.

The 3 groups above have no incentive to carve out a windfall for legacy commons.