Re: Fannie/Freddie-Bracketing SCOTUS Outcomes.

I see 3 potential paths, ALL of which just influence timing/relative leverage in settlement discussions, because TINA.

1) Bullish Sweep. Plaintiffs win on all counts with backward relief. While this would be great, imho, it complicates recap/release because it inflates the cap prior to Indy Switch. That said, leverage favors Ps in recap negotiations.

2) M…