Fannie Mae-No Politics (FNMA)

[imtheshadow]

I thought Joe was wondering about an alternate settlement where the NWS funds are returned to FnF, but then the SPS is converted into common, no? That would dilute common by some significant amount, but in exchange our capital account should go up by the amount of the NWS refund, right? And IF that is correct, then the question would be if the impact of that scenario is better or worse than retiring the SPS and having to dilute common to raise an equivalent amount of capital (assuming we need that much), correct?