Exceptional FNMA Facts. The Buffers being built to a level to cover Jr. Preferreds at Par should be telling. Mnuchin is protecting his friend in the event of a Biden win.
As long as Mnuchin writes down the Sr. Preferreds before he leaves office, then Jr. Preferreds are money good since the GSEs have the necessary capital buffers to cover the JPS claims.
Unfortunately, Commons will be sweating for a long time to find out their fate.
Naaaaaa, jps is gonna slow burn down as holders start to realize they will get no conversion for a long while. And cram down is a dream. They are trying to release the GSE's into stability. Doing anything for any shareholder group will destabilize, so good luck with the dream. FYI red tsunami Nov 3 9pm
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