Fannie Mae (FNMA)

[HoldenWalker99]

Calabria has been all over the place with his statements

True. I think that the two articles he authored in 2015 (Cato) and 2016 (Urban) are still relevant and walk back the receivership preference. Investors here need to expect a significant limits in scope of GSEs and potential for competition, both negative impacts on future revenue/earnings.

and proposed capital ratios.

Calabria has been more consistent here saying "at least 5%," "8-10%" and "bank like capital."