Fannie Mae-No Politics (FNMA)

[whipstick]

that's not how it works in the bond world - if you own 50.1% in the first loss position in a remic trust you have to consolidate the entirety of the trust onto your balance sheet. I would be surprised if that was indeed the case as owning 95% of any equity position is far more than substantial but the accounting rules are so stupid that it might be right and 79.9% had to be picked for some reason.