Fannie Mae-No Politics (FNMA)

[FOFreddie]

Hi Kthomp,

My apologies if I was not specific enough in the hopefully constructive criticism.

You obviously have a great understanding regarding HERA and the outstanding litigation which you have inteligently shared reasonable perspectives on. Thank you for that.

Regarding the criticism part - it seems you are reading a lot into Director Calabria's statements regarding timing and how the common shareholder economic interest may ultimately be determined. It has seemed to me that many people have many different interpretations of his statements and he has changed his statements over time - especially on the timing of the ultimate resolution.

Otherwise - it seems you are assuming their is no pragmatic value in treating common shareholders fairly or more than fairly just to have a successful and expedient capital raise.

Finally - it seems that you are not considering the possibility even if it is lower probability of a common shareholder friendly judicial outcome. If there is a outsized settlement or judgement it would most impact the economic interest of existing common shareholders

I hope you feel that is the courtesy you definitely deserve.