Fannie Mae-No Politics (FNMA)

[DaJester]

Only a court can settle our disagreement as to whether or not the LP ratchets in the 2019 and 2021 letter agreements were a breach of the implied covenant.

I'm not saying they are a breach. I'm saying they are very similar to the NWS which was a breach. This makes it easier to identify similar or identical breaches in the future. I agree that it's not officially a breach until a court says so, or if FHFA and Treasury amend the agreements based on the prior breach to mitigate exposure to future breaches.

In other words, speculative value. That's all either the juniors or commons have right now. No actual economic rights because those were removed by the NWS.

You keep forgetting the word "temporary." Economic rights are currently temporarily suspended. Unless you think the Conservatorship and NWS will exist in perpetuity... When it goes away, what happens to the rights?