Fannie Mae-No Politics (FNMA)

[Potty]

Conversion does not dictate share price, but one thing that does is SHARE COUNT. If the share count increases, all else being equal, then the share price goes DOWN.

Dilution is an increase in share count so, all else being equal, dilution means the share price goes down.

But you know this. We only differ over whether we think Treasury and Calabria will do a pref conversion when they do their SPSA amendments...