Fannie Mae-No Politics (FNMA)

[JOoa0ky]

It is insanely absurd to expect Tim Howard to know the process of a restructuring when he has never participated in one. He approaches the recap and release as if the companies were in non-distress.

The GSEs are clearly distressed without a shred of doubt thus, the rules of restructuring and consequently the rules of priority will apply.

Nonetheless, you need to follow through on your conviction and at least 10x your common position size if you really believe in your thesis. You're not wagering enough on the table for me to even blink twice.

Kudos to Mr Michael for his steel huevos.