Fannie Mae-No Politics (FNMA)

[YanksGhost]

Yes, although nobody wants to talk about this prospect. Freddie has a 4 B share authorization and only 651 M shares issued. Fannie has a 2 B share authorization but has already issued 1.1 B+ shares, with little room to support any recap via a secondary offer. So a merged F&F may well be the only way and release is possible from an administrative angle.

F&F, as of today, have basically recoupled (after months of alternative direction). On a share volume exceeding 13 M shares, this means something.