Fannie Mae-No Politics (FNMA)

[FOFreddie]

What do you think about a Pro-Forma BV Valuation for FMCC?

FMCC GAAP BV is $9 bn
NWS Overpayment is $11 bn
2020 Earnings est $7 bn

12/31/20 est BV with $11 bn settlement is $27 bn or $8.30
12/31/20 est BV is $4.92 without settlement
Today $2.77BV - with $0.30 increase in BV with every $1 bn of earnings or net settlement proceeds or DTA adjustment.

Add DTA of $6 bn - FMCC 2020 adj BV is $10.15

Wouldnt potential SPO be at least at BV - more likely at a multiple. Right now FMCC is earning approximately 15% ROI on Conservatorship Capital.