Fannie Mae-No Politics (FNMA)

[Donotunderstand]

It is very close to a zero sum gain. (buffer up and LV up)

I, again, do not find that convincing

Assume we are talking 20 B each of F and F

So buffer increases by 600% (6x) from 3B to 20B (17B)
so LV increases same 17B - but as LV is at say 100 for Fannie - it means it goes up 17%

big difference

and if the entire SPS is voided in negotiations - as most hope and some expect - this is just an interim publicly pretty step by GOV that is moot over say 4-6 months when SPS is gone