Fannie Mae-No Politics (FNMA)

[Donotunderstand]

GREAT

1. Do we really need SPO post the WT to share transaction - if the capital required is adjusted to reflect the smaller business and likely safer business ---- how much capital for JUST FNMA alone is missing if we keep the MC levels and then say at 75% of those levels ?

2. Do we need to use State Charters for the core GSE? It leaves me to wonder if deemed it needs to be a utility - regulated - how that work with 50 separate regulators ---- Can it not say a Federal on National Inc?

3. Assume for now ---- for just an answer to this question --- if there are "only" 5B shares (ours plus the shares w the public from offering based on warrants) ---- what do you see as the PPS at your assumed PE and assumed earnings

Thanks