Fannie Mae-No Politics (FNMA)

[TRCPA]

Agree with much of that.

We also have an election that will take place before the GSE's are released with consent decree. So that's another possible problem toward release from conservatorship.

Still think that the final result will not be a physical payment from treasury to the GSE's, but instead a credit to the GSE's that will apply to core capital....that also eliminates all government interests in the GSE's.