Fannie Mae-No Politics (FNMA)

[Sogo]

That’s 100% logical, though. Are you really predicting zero dilution? Basically warrants voided, no secondary share offering? No converting prefs to common? Do you think the jackals will really walk away from this without skimming some flesh off the mess they made for themselves?

That’d be 100% logical and fantastic. I’m not sure I’m that optimistic about it.

Then how do you predict recap will be done? Simply ending NWS does not recap them immediately. It’s take years to do it out of normal earnings.

Do you therefore agree with the notion some people have that simply releasing them and ending the NWS will result in going some significant distance towards recapitalizing the GSEs, because the share price would skyrocket?