Fannie Mae-No Politics (FNMA)

[Donotunderstand]

it is very good

1. Take it as a sign that they think they will be competing in the private market and want a lower cost structure - hint of exit

2. Assume exit - which company do you want to own (value) one with a ton less ongoing expense or one with higher ongoing expense . Assumption these retirements do not impact revenue and only improve net income by lowering operating cost

I could continue