Fannie Mae-No Politics (FNMA)

[FOFreddie]

Freddie Mac Consistently Reports "Conservatorship Capital" At the end of 6/30/19 it was $51.7 bn. See the return of Conservatorship Capital Analysis in the attache:

http://www.freddiemac.com/investors/financials/pdf/2019er-2q19_release.pdf

Not sure if this is regulatory capital but I would imagine FNMA has about 70 to 80 bn if FMCC has $51 bn. All together probably geting close to 125 to 150 bn number. FMCC could go first and issue loss sharing CoCo type bonds for most of the capital. JPS would convert to common. Treasury exercises warrants and Shareholders including UST and American Funds could authorize the restructuring via a shareholder vote. Hold outs could litigate.