Fannie Mae (FNMA)

[Patswil]

Once Trump becomes aware of the contents of the withheld documents, assuming they reflect the bailout intention, and once Trump is informed Justice and Treasury will lose the argument to keep the documents privileged, he will have to settle on the basis that the entire FHFA was a fraud.

Now rerun the calculation. Instead of $37.3B returning to Fannie, the number goes to $154.4B (dividends) + $117.1B (draws) = $271B. Subtract a reasonable reserve. (Tim Howard, the former Fannie CEO has argued for $60B, (2% of $3T) here, so use that.) $271B - $60B = $211.5B . Divide by the outstanding Fannie shares after the warrants are voided, roughly 1.2B shares, to get $176.3 per share. Add to that the $75 to $110 per share common value above on a going concern basis to get a range of $251 to $286 per share.