Fannie Mae-No Politics (FNMA)

[HappyAlways]

Thanks for the excellent estimation.

Suggest to consider the following as well:
1. UST will need to refund the excessive NWS payment ($16.1B as estimated in a court case).
2. Bailout is fully repaid. So, warrants are no longer valid.
3. Earning per share will be the base to determine the price of to be issued new common shares. I would estimate that $10 per shares at minimum to be reasonable, given the dilution and the annual earning of $9B.
4. To release from C-ship, FHFA may waive the capital requirement for 5 years. But, I don't think the capital requirement needs to be $100B.