Fannie Mae-No Politics (FNMA)

[RumplePigSkin]

I think a PSPA and no consent order. If the PSPA is amended in such a way that it can’t be reversed, consent order is contingent upon retained earnings at some future date under Yellen.

If PSPA liquidation pref is essentially written down substantially with, say, any future amendments requiring FnF to signoff on said amendments going considering FnF are already party to the PSPAs currently, then the PSPA can remain intact with all the “guarantees” for a methodical capital raise that won’t potentially disrupt the mortgage markets.