Fannie Mae-No Politics (FNMA)

[jeddiemack]

Sorry,

I am too busy to have more precisely recalculate the nature of the losses and the cumulative adjustments on an "except for" basis.

I would encourage you to calculate it yourself if you have a working knowledge of financial statements and understand cash provided from and used in operations and the adjustments thereto.

What you will find is that my estimates are not unreasonable. If you recalculate things and make adjustments as appropriate it is my belief that neither Fannie or Freddie required significant cash moreover than what could have been obtained in the markets, if any.

Warmest regards,