Fannie Mae (FNMA)

[Commons_Cancelled]

Losing Mel could be devastating to our investment thesis. For all we know, they will replace him with a TBTF or Treasury Stooge. The replacement could easily begin the wind down phase and remove the retained capital buffer. And a long as he's removal for-cause by POTUS, he can absolutely do anything else the Treasury wants.

Let's not get too excited about an uncertainty that could certainly blow up in all of our faces.