Fannie Mae-No Politics (FNMA)

[FOFreddie]

Hi Kthomp

Your $ 8 estimate is the most reasonable and is consistent with some of the valuations that Nomura and AGC has suggested. As you mentioned in the past AGC has an estimate of $ 6- $14.

These type of baseline valuations would indicate why first mover institutions like The Growth Fund of American and Fidelity Asset Management added common shares in Q1 2020.

Your JPS holdings will do well also but it is clear that major insitutions own both common and JPS and have added to common in Q1 2020. If they did not have confidence in common valuations they would not have added or they would have reduced.