I'm trying to position a text element in the bottom-left corner of my map, but having a problem that seems similar to these.
Print Service not honoring Anchor Points
Data Driven Page Name Location Issues
Dynamic Text in Data Driven Pages won't stay put
Specifically, I want to replace the text using ArcPy; however, despite that I made sure the text element is anchored at the bottom-left, when I change the contents, it behaves as if the anchor is in the top-left, and text sprawls off the bottom of the page:

Is this expected behavior? What am I missing? Do text elements simply not respect (at least the vertical aspect of) the anchor point; does it anchor only the first line; does the anchor not update when text is changed?
I can probably position it myself in the script, but I'd like to know if there's a better way.