Fannie Mae-No Politics (FNMA)

[FOFreddie]

Hi Ano,

Thank you again for all your time and analysis. Also - I think the discourse between you and Kthomp19 is helpful to the Board because it offers perspective to the many complex issues for GSE investors.

What are your thoughts regarding the application of the investor protections under the Securities Act of 1933 and the Exchange Act of 1934? Is it possible that regardless of how the HERA or other legal issues of the pass are resolved that current common and JPS public shareholders will be given the same rights and protections as all other investors prospectively under federal and state securities laws?

Wont a Special Committee have to be formed and a paid advisor be hired to represent the interest of common shareholders?

Will a shareholder vote be required?

Will shareholders have the option to pursue appraisal rights - at least for FNMA under Delaware law?

How can a recapitalization with new public investor money proceed if proper investor protections like a Special Committee and shareholder vote are not completed? Wont this just open up the GSEs to more legal challenges prospectively - this time for violations of federal and state securities laws?