It's 38% of the price drop after the day the NWS was announced in 2012. The award should be 100%, but for some reason no one ever explained it's only 38%. (Orig. damage: $1.6 billion, awarded damage: $612 million = 38%).
Some JPS such as FMCKJ dropped more than others (e.g. FNMAS), so you get different awards for each class of JPS. For Fannie JPS, you also get prejudgment interest since 2012.
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