Fannie Mae (FNMA)

[RCChristian]

“You do realize the money from exercising the Warrants goes to the Treasury and not to Fannie Mae, right!? “

Ofcourse. What I was saying is the warrants that will NOT be exercised will allow the GSEs to keep their capital. The Treasury does not have to exercised all warrants. They don’t even have to exercise any. They can hold and when capital is fully built, cancel or exercise some. Things will clear up more this fall as Calabria spoke about.