Fannie Mae-No Politics (FNMA)

[RumplePigSkin]

Bradford, there are a million ways to restructure. Why not call a few series here and there for a couple billion a year. Here is another approach: guaranteed in the current interest rate environment FnF could finance the calling of half or all for a fraction of what the coupons state on the JPS.

There are various ways FnF could handle the JPS without diluting commons.

What is worse is you guys weren’t aware that Collins was asking for liquidation pref to go to 0. Care to comment?