Fannie Mae-No Politics (FNMA)

[FOFreddie]

Hi Kthomp,

Regarding your assumptions - do you think you know for certain that the capital raise or conversion will happen or be completed before an independent BOD is put into place?

Do you know for certain that there will not be a shareholder vote will not happen before a conversion or capital raise?

Do you know for certain that the conversion will be completed before the initial capital raise?

Maybe the conversion will happen over several years and be prorated on the offering price of each tranche so as to limit the impact of converted JPS shares being sold in the market?

Basically - how can you be so certain to use terms like "lunacy", "laughable" and "absurd" regarding one of the most complex multi-party legal and capital market fact patterns in history?