Fannie Mae-No Politics (FNMA)

[YanksGhost]

<< downside risk view >>

Risk, here, is always a work in progress... ever-changing. But you are correct that at least receivership seems fully off the table. That, to me, is huge as it relegates the risk matrix to areas more in the timeline and dimensional arena than some further shareholder wipeout.

My biggest concern, at the moment is that the en banc will be SO damaging to GOV that it forces an appeal and years of additional legal bickering, or a scorched earth "get even" retaliation which has been a hallmark of the current administration.

My second biggest issue is Calabria, himself. Simply stated, he waffles like Bisquick batter. I do not believe a single thing he says; I need to see something he actually DOES before having any faith in the end direction for FnF.

I think we'll know something very soon. Of course, I have been disappointed by similar, previous feelings going unrequited too many times to recount.

GLTA.