Fannie Mae-No Politics (FNMA)

[big-yank]

If they are smart, 0%. The last thing Trump and Mnuchin need is a grand entrance to the inside-the-beltway domain to be greeted by another flurry of lawsuits that will only distract from a bigger and broader agenda.

79.9% of a lousy $15 B per year being bled out of the GSEs is peanuts compared to the eventual showdown between the CBO and WH budget office and the risk that much of $5 T in GSE debt could get added to Uncle's tab, and the pressure of another debt ceiling crisis of epic dimensions as our Sovereign Debt rating drops through the floor.

It all depends on who has Mnuchin's ear. If it's Berko, he'll be getting force fed a whole load of shit about "keep the warrants to pay for the wall; a group of us will put up the $$$ to recapitalize FnF and we'll take over the fully privatized Twins. And with the warrants, you can kill any shareholder resistance because you own 80% of the votes and your "golden share" power of veto." This appears to be where The Fellow Travelers" are heading.

JMHO.