Fannie Mae-No Politics (FNMA)

[FOFreddie]

Hi Glen,

First of all I would like to thank you for all your efforts on behalf of GSE pref and common investors over all these years.

Regarding the expected dividend yield for common - what do you think it will be? If it was 4% and there was 150bn in new or converted equity - that would be $6 bn per year in dividends.

How much of the GSE equity would be eventually owned by passive index funds or index plus funds? A $100 to $150 bn equity offering for both GSE's would mean that these stocks would be quite signifcant components of capitalization weighted holdings.

The research I did would indicate that eventually 30 to 40% of the float would end up in passive and index plus funds over time.

Thanks for your thought in advance.