Fannie Mae-No Politics (FNMA)

[Donotunderstand]

not knowing - like everyone - how this ends

if the seniors are cancelled (for money paid already - negotiations)
if the capital level is down 50%
if the settlement says earnings is the way to the new capital 50% - and no SPO

I can easily live with WTS being exercised ---- as it is a TRADE to liberals to get them on board to our freedom as ALL of that can be dedicated inside FHFA (80B ?) for programs for lower income working family programs ---- basically protecting profits for several year

It would be - like bring us to 15-25 dollars per share - diluted ONLY via WTS

(if JPS is converted it could be ugly - but the above shows no need to do that as no NEW JPS issue is needed at all. Dividends can be resumed and issues called in over time --- and then new capital raised via new JPS (very traditional business practice)