Fannie Mae-No Politics (FNMA)

[RumplePigSkin]

FOF - the fastest thing the UST will do is see if there is enough political capital to change the duopoly. There will not be a fast raise as it goes against the safety and soundness of the mortgage market. How do you raise capital quickly only to see fees go up on mortgages?

Any changes need to be tried legislatively and FnF will be responsible for raising capital. Management isn’t going to go out and raise as fast as possible to dilute their common shareholders.

JPS is a quagmire trade. Tim Howard didn’t say it for no reason ...