Fannie Mae-No Politics (FNMA)

[TRCPA]

That all makes total sense to me. At this point, I would be surprised if that is NOT what FHFA has in mind. Because it should be.

The key point is that it quickly accelerates the timeline for getting the GSE's up and running on their own. The extra $12 billion should be achievable by 6/30/20 through profits, at the going rate. Calabria would be a hero for getting it all done before the next election (As opposed to his older bizarre statement about using up his term to do it.....before En Banc semi closed the door on that).

Add in a small % commitment fee to the additional BOD generated recap plan (which should easily be able to be accomplished through competitive public offering in 2nd half of next year given the end of NWS), and you have the GSE's up and running full throttle before the 2020 elections in November.