Replies to post #748360 on Fannie Mae-No Politics (FNMA)

[FOFreddie]

Good Stuff Robert - the SPS is a bogus contract with no consideration to increase the Liquidation Preference. If the UST goes with the cramdown all of this comes into play on a challenge if the cramdown comes with an Admin Action. Every 100 bn of MV means that 20bn should go to common. There will be a lot of incentive to challenge an Admin Action if it comes with a cramdown - 40 bn of them - with a 200 bn MV.

[Donotunderstand]

really === CATO has that opinion ---- what a surprise (not)