Fannie Mae-No Politics (FNMA)

[FOFreddie]

Do we know if Nomura included any possible settlement proceeds for common?

What is clear is that the common has a reasoned worth around $5 in the investment community rather than worthless or near worthless. If you start with $5 and add UST warrants at $.01 then you can make starting valuation scenarios in the $ 10 range.

Long term the stock will probably trade based off comparable market valuations

It will most likely be majority owned by large money managers and index funds because it will have a relatively higher market cap. Would you think FMCC or BAC should have a higher P/E?