Fannie Mae-No Politics (FNMA)

[FOFreddie]

Hi Holden,

Thanks for all your updates.

What do you think comes first - conversion terms or relisting?

If FNMA is relisted - do you think more real money comes into the position like American Funds. Shouldnt FNMA be 50 to 60% institutionally owned since it will have a high cap weight component in S&P 500?

I guess I am thinking that shorting at $ 2.20 is starting to get dangerous if relisting is likely before the conversion ratio is set. Some index funds could start buying before new shares are issued and the short interest ratio could be a cause for short squeezes before new shares come to the market and before the conversion happens.