Fannie Mae-No Politics (FNMA)

[TRCPA]

When we reach that point (after conservatorship has already ended), there will be a dollar amount set by FHFA that the GSE's themselves need to raise.

It should be in their hands to determine how the funds will be raised (probably with some assistance from FHFA/Treasury).

Assuming the money is not raised through retained earnings, there could be a private or public offering. Either way, there will be an offering price established. That price will determine how many shares will be required to raise the amount of dollars needed. If a private offering, it would be limited to certain investors. If a public offering, it is regulated by the SEC, and the public offering shares purchased will be tradeable when the market opens.