Fannie Mae-No Politics (FNMA)

[401kobessive]

We may be looking at this all wrong.
Ive heard some pretty big numbers on dry powder from these other players...Buffett en al...
MC may be setting up an additional charters with this money.
Think about this...a release and recap of the existing GSES.
Then a issuance of an IPO for two new charters separate from the existing GSEs.
More competition/less risk.
lower insurance cost to backstop.
less risk to tax payer.
Thats how you fix the model.
Add additional players and have a common pool of capital to backstop all of them. Basically a capital buffer between the Government and the pool of GSES.
The private capital will have their vehicle and we keep ours separate.

I think the Enbac result will force this to become reality.
Its what they ultimately want anyhow.