Fannie Mae-No Politics (FNMA)

[FOFreddie]

Thanks for all your analysis but I have one criticism of your analysis.

How can you come up with a per share value if you are combining both FNMA and FMCC. Do not both institutions have unique balance sheets, unique share counts, unique NWS overpayment damage potentials, unique earning potentials and unique capital requirement potentials?

I would think the range of possible outcomes for FMCC could be much higher based on a damage settlement and conversely FNMA would have a higher outcome if the capital requirements are on the low side?

Isnt it time to start to differentiate FMCC and FNMA in your analysis if you are speculating about possible share prices after potential dilution?