Fannie Mae-No Politics (FNMA)

[Potty]

TRCPA, it is an interesting question how many raises they do.

One route is the Ackman idea of a small common raise, or convertible pref, to establish a floor price. Then wait for SP to rise before doing another raise higher, rinse and repeat...

The other route is do one big raise in coordination with the pref (junior and senior) conversions -- and be done with it

The Conservator and Treasury are deciding what happens in the Fall -- I can see how they go the second route...

But who knows?