Fannie Mae-No Politics (FNMA)

[Embers]

I think his statement is general. 2 "reforms" are likely.

1) Build capital- Mark and Treasury only. Easy to start.
2) Major reform- Congress required. Major reform to how the mortgage space is managed and who can manage. Likely to stall in congress. Mark may want this but ultimately Congress needs to get involved.

There will be pressure to release before 1) major reform because the government/taxpayers will be stuck with the bill if the housing market has issues. Therefore, I think Mark will push 1) hard and may even get democrats trying to take credit.