Fannie Mae Preferred S (FNMAS)

[44centsAKAchoccake]

I agree about the comments your lawyers made, although I'd note that they mostly aren't legal arguments at all, but ones about power, and influence, and gov't's weak incentives to settle, especially when the other side is politically unpopular. I emailed my cousin (lawyer, Rhode's Scholar, 60ish) and he said essentially the same thing.

I think we are fortunate to have T. Olson, D. Boeis, Chuck Cooper and others on our side and they are well-suited to going the distance with this. The 5th Amendment issues are good for us and I agree that we need to focus on the FHFA Tsy 3rd Amendment (August 17, 2012). We are never going to win on the 2008 issues.