Fannie Mae (FNMA)

[RumplePigSkin]

Mnemonic - Calabria being removed does not hurt Commons, in fact it will help Commons. If Calabria goes, which will happen, the cap rule will be changed with lower capital levels. This will also take time.

All the while the GSEs will be on a solid path to exiting conservatorship. Everyone will know it. JPS will need to convert now at favorable terms or they will be, in the truest sense of the word, in a “quagmire” trade.