Fannie Mae-No Politics (FNMA)

[imtheshadow]

so we have 3 main levers ... nws, required capital and the warrants ... there are others, but they are less important ...

so even if the nws is cancelled, release will take forever and/or we'll be diluted to oblivion with the cap levels and the warrants ... and the latter is very unlikely to be addressed by collins, unless a bulldozer shows up and/or direct claims are allowed

that's an incredibly huge amount of uncertainty ... and we haven't even factored in congressional complications (change to utility model, issue additional charters, etc.)

i hope/expect collins to cancel the nws ... but not much change in the sp (pop to $4?) until the cap levels and warrants are addressed ... so its not hard to understand why we are sub $2 ... not quite as pessimistic as skeptic ... but clearly not holding my breath either ...