Fannie Mae-No Politics (FNMA)

[Potty]

Louie, I was responding to those who say NO ONE is talking about conversion, or that it is illegal etc

I agree that it is likely a combination of these options and maybe others

I actually think you can expect all of the bulleted options except for receivership:

So I think they do write down senior

I do think they stop the NWS

I do think they issue new pref and common

I do think they do a JPS conversion

I think the bones of what will happen are right here in the FNMA 10-K and Treasury plan... just IMHO