Fannie Mae-No Politics (FNMA)

[RCChristian]

that’s only if treasury exercises all of its warrants. If they exercise all warrants and use it to pay down the debt, that defeats the purpose of a recap. I predict some exercised warrants will be used to build the capital. Either way, they will benefit more if the stock price is high. The only losers in a high stock price Public Offering are the ones buying them. I have a feeling you are going out of your way to press your evaluation for a depressed price point... mmmm this is beginning to make sense :)