Fannie Mae-No Politics (FNMA)

[FOFreddie]

Hi Kthomp

How do you think the transition to a independent BOD would work? Will there be a shareholder vote right after the offering or will new investors have to wait until an annual proxy vote?

Hopefully we will know soon enough but your insistence that the FHFA can or wants to run everthing seems implausable because it leaves new investors with no independent representation from the time of FHFA control is relinquished to the time of effective representation.

It seems much more reasonable to select an independent BOD prior to the issuance and provide for staggered voting to remake the BOD based off of shareholder voting but yet provide for continuity as the GSE moves towards full independence.

We will see - hopefully in the next year.