Fannie Mae-No Politics (FNMA)

[Joseph_Otting]

Steven, Mark, and I are putting together an updated "Plan" which we are anticipating putting out towards the end of February. This recap plan will focus on getting the GSEs the necessary capital, likely 3.5%, via several capital raises -- a few Common Share offerings (3-5) and one Preferred Share offering.

We're calling this the Everyday Joe Plan (not to be confused with the Average Joe Plan). More details to come later.

I look forward to answering your questions and addressing your concerns.