Fannie Mae-No Politics (FNMA)

[FOFreddie]

Thanks Guido - I am assuming that all settlements will be Derivative and that the Warrants will remain but the SPS is written down to the original $ 1 bn. CBO Enterprise Value is $ 400 bn - Cap Raise needed at the end of 2023 is $ 100 bn - $ 35 bn JPS ( paid at PAR) - leaves net EV of $ 265 bn with 20% to common. UST owns $212 bn and public combined FNMA and FMCC common owns $52 bn. Brydon Fisher and Mike Kelley deserve $ 1bn each for bringing their suits. FNMA and FMCC common subject to dilution upon JPS conversion so exchange ratio is important if exchange happens.