Fannie Mae-No Politics (FNMA)

[FOFreddie]

Thanks again! According to AGC - the current equity of FMCC is $6.7 bn - could you add the $11 bn to this amount and assume equity of $17.7 bn as part of a plausible settlement?

How much is the face of the FMCC preferred - $14 bn? If the capital requirement is $50 bn - do you think a capital raise of approximately $20 bn (50-14-17) would meet the requirements for full exit for FMCC?

UST has about 2.8 bn shares exercisable assuming warrants are valid? Would the market support a price of $7.15 a share (20bn/2.8) or higher for a EPS of around $0.80?

Assuming a reasonable settlement - the capital raise seems workable?