Fannie Mae-No Politics (FNMA)

[TRCPA]

False. He said "It has always been my view that an exit from conservatorship is going to require a large capital raise by Fannie and Freddie. I have always believed that that's a 2021, 2022 event." in April, and that comment came after the article that included your 2024 quote. The "2021, 2022" comment is just as much a "real timetable Calabria has ever put forth" as the 2024 comment you are using.

Calabria didn't state that the process would be complete in the above timeframe. He did say that he expected the process to be complete by the end of his term in 2024.

Also, in the past you argued that Calabria's mention of a possible junior-to-common conversion was disqualified due to the age of his comments, which at the time were less than a year old.

Never said this. What I said was that it was stated as a possiblity, but there was no specific follow-up to those comments. So certainly not a probability at that or this point.