Fannie Mae-No Politics (FNMA)

[RickNagra]

Gabby says in her famous video above the commitment fee would be about 25 basis points. I just did a quick calculation using my algorithm. 25 basis points means 0.25%. Let's say recapitalization amount is $150B. 0.25% would be $150B x 0.0025 = $400M or $0.4B. The annual revenue is approximately $20B so minus $0.4B gives $19.6B which is virtually unchanged. In other words the commitment fee is not a big deal for us in return for a line of credit from the Treasury.