Fannie Mae-No Politics (FNMA)

[kthomp19]

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?

There is no way to know this yet.

However, Watt's minimum capital requirement alternatives were $103.5B and $139.5B. Nothing I have heard from Calabria gives me any impression that his numbers will come in substantially lower than Watt's, and probably not lower at all.

The Conservatorship Capital Framework is Watt's creation. It is meaningless now: Calabria's capital rule will overwrite it, along with Watt's numbers.