Fannie Mae-No Politics (FNMA)

[RickNagra]

I hate to disagree but I will. The first letter of agreement was back in September 2019 on a Monday morning. I remember well because I was doing absolutely nothing. That agreement had no effect on the price. The liquidation preference goes up by the same amount so it is a wash. Golfbum calls it a poison pill. Same thing will happen this time around. Makes no difference if the cap is $90B or $90T or $90? what comes after trillion anyways ?

with 2X's the cap level the common

should easily go to $3-$4 plus we

don't know what additional details

milestones will be revealed for the

GSEs to reach for Release .....