Fannie Mae-No Politics (FNMA)

[Double Black Diamond]

Well, if Uncle is thinking about a conversion, it seems to me that he would need both the existing commons and a market that they trade in to make it work. The current market would help to establish a value, don’t you think? Another word, they need existing common shareholders….and if that is the case, to reap a return they have to carefully manage their investment.

Otherwise, they might as well put both GSEs in receivership and create a couple of new companies….more trouble than it would be worth.