Fannie Mae-No Politics (FNMA)

[Potty]

I do not think it is neutral for pref, since we now know Calabria will be removeable at some point so people are going to take the election/execution risk to be higher -- either they get this done by Jan 15th or a Biden FHFA director will get to have a role in RnR

So Mr. Two Weeks doesn't have any more runway and you also have to listen to his remarks about how weakness in the markets and/or housing could derail RnR... I am not saying you should take those remarks at face value (the man just blabbers after all) but the perception has to be of increase risk