Fannie Mae-No Politics (FNMA)

[Sogo]

If we're down to only the more serious players now, and those who were pumped and under-informed are now out of fnma or are more informed about the complicated political and legal nature of GSEs, then does that suggest that the "more serious and informed" shareholders are also less likely to be impressed and swept into a buying frenzy when the August earnings report comes out?

If so, wouldn't that keep some downward pressure on pps in Aug? Or, should we expect the earnings report to attract an entirely new set of enthusiastic but less informed buyers and result in a significant increase in pps anyway, regardless of the more informed shareholders who bought in earlier and then realized that the political risk to their pps is higher than they may have known when they bought? If shareholders are more informed now, and institutions are starting to buy, shouldn't we expect the shareholders to be less moved by Aug report than we might hope? Is the expectation of Aug report really already "baked in" to fnma pps to the point where Aug might only provide a tiny bump in pps?