Fannie Mae-No Politics (FNMA)

[Commons_Cancelled]

I'll make it easy, here's the recap:

1) Commons will be in the $3-6 range at the time of IPO. This will need to be adjusted for the upcoming Reverse Split. Commons could end up being significantly lower (sub-$0.75) in the event of a Sr. Preferred Cramdown scenario.

2) Jr. Preferreds will either have their Dividends restored by Q1 of '22 or they will be offered a generous Conversion to Commons tender.

That's my summary. Seems pretty straight forward.

It doesn't account for FNMA Fantasy including:

1) Warrants forgiven or re-purchased.
2) Super Secret Escrow Fund with NWS money to be used for GSE Recap.
3) IPOing at anything over $5 (adjusted for Reverse Split)
4) Any other Common Nonsense that permeates the online forums.