Re: Fannie/Freddie-Cake More Fully Baked Than You Think.

After SCOTUS, we all waited with bated breath to see whether SM (Steve Mnuchin) would write down the SPS prior to leaving office. The LA (Letter Agreement) that came out on 1/14/21 disappointed many, but I still had a slightly optimistic take.

Still digesting, but here goes: 1) Liquidation pref keeps growing which sounds bad, BUT here's the tell: 2) they…