Fannie Mae-No Politics (FNMA)

[Potty]

KThomp, any thoughts on why Calabria is out there talking, and why right now?

I think one plausible hypothesis is that (1) Calabria is talking down common expectations since there will be a lot of dilution.

Any suggestion is that (2) Calabria is floating trial balloons to get various constituencies ready for what is coming -- and (3) to alert potential investors

The gut (4) does not have appropriate discipline over his presentations for a regulator

Maybe Calabria is talking to his right wing buddies... I am really not sure, tho (2) and (3) look most plausible

Any thoughts?