Fannie Mae-No Politics (FNMA)

[FOFreddie]

Hi Joseph,

Minority investors have protections against unreasonable cram downs based on precedent in the Chancery Court of Delaware. Perhaps you will be right but it will be based on the intepretation that Calabria is justified is authorized under HERA. Calabria himself in his previous life at CATO believed that the FHFA was violating its role as a Conservator based on FDIC resolution principles. His argument was that HERA implied that FDIC resolution principles should be followed.