Fannie Mae-No Politics (FNMA)

[FOFreddie]

Thanks Kthomp for sharing. Follow up questions?:

Why half conversion of JPS and not whole?

Do you assume some discount to BV for JPS incentive to convert?

Why assume warrants shares are based on post conversion rather than pre-conversion?

Do you break down FNMA and FMCC scenarios?

Do you have estimated settlement numbers for FMCC and FNMA on a stand alone basis?

What DTA's are you assuming for FNMA and FMCC, if any?

What GAAP BV and when is the GAAP BV determined for your analysis?

Lots of questions if you wish to share. Thank you very much. For what it is worth I am assuming 6 to 10 bn fully dulited shares for FMCC and a 7.66 per share without a DTA as of 12/31/20. Just hypothetical guess of course.