Fannie Mae-No Politics (FNMA)

[RickNagra]

That’s not quite how it would work. Banks in the primary mortgage market would not be allowed to be competitors to the GSEs in the secondary mortgage market. Read Crapo’s outline. They are exempt. That only leaves a few others. As Layton pointed out last week in Atlanta getting new competitors to enter this duopoly market would be a monumental task to achieve.