Fannie Mae-No Politics (FNMA)

[FOFreddie]

Hi Kthomp

Did you see this quote in the FMCC Earnings Release in the discussion about Conservatorship Capital and returns on Conservatorship Capital?

. In addition, the company believes that returns post-conservatorship would mostlikely be lower than the levels calculated below, assuming the same portfolio of risk assets, as it expects that it would hold capital above the minimum required regulatory capital levels and that it would be required to pay feesfor federal government support, thereby reducing its total comprehensive income.

The part that stuck out was ".. as it expects that it would hold capital above the minimum required regulatory capital levels.."

Do you think the reference is greater than the $51 bn of Conservatorship Capital?