Fannie Mae-No Politics (FNMA)

[TII]

I know Calabria has made comments about shareholder rights, but it comes up very often during his many talks and he usually refrains from speaking to it for the most part.

The paper you refer to was co-authored by Michael Krimminger, ex-lead counsel for the FDIC (and also responsible for HERA's intentions). The comments on page 31 in the paper actually refer to shareholders rights within FDIC cases. There certainly can be some inference due to HERA mimicking the FDIA, but FnF shareholder rights are more specifically address in the first 20 or so pages of the paper.

Either way, I believe Calabria has his purpose to this Admin and it relates to HERA's correct interpretation more than his thoughts on future housing finance. The position he's been giving doesn't really have that much authority.

I see it as more pro than con for FnF shareholders.

We've had more important pieces added to this giant puzzle in the last 90 days than we have in the last eight years. Stand back and take a look everyone. It's starting to take shape.