Fannie Mae-No Politics (FNMA)

[TII]

Regarding the 4:50PM panel on GSE Conservatorship and Reform....

Bob Ryan is the voice we need to hear. The other four are just talking their books. Ryan is Watt's right-hand man and he will communicate the FHFA's thoughts and plan of action, or whatever UST is telling them to say. Ryan is guarded and smart, so we will most likely have to read between the lines. It will be interesting to see how close his comments align with Craig Phillips' from the UST.