Fannie Mae-No Politics (FNMA)

[big-yank]

There is a legacy connection between Mnuchin and Berkowitz that I can't compute in any probability scenario. I am just being honest there. There is a risk that Berko may use "the old school tie" leverage to influence Mnuchin to retain the warrants.

That being said, there is NO logical reason why government would choose to keep or exercise any of the warrants. That's as explicit as I can get. If that's not helpful, I'm sorry, but it's the best I can do.

I believe the warrants are and should and will be DEAD MEAT.

JMHO.