Fannie Mae-No Politics (FNMA)

[Donotunderstand]

Holding Common just about requires

A lower capital ratio requirement

A major cut in the LP or its elimination

If those two are not done --- we face either or both of a large (more than 4B shares by far) SPO and or LP and SP converted to common shares

(4B is the dilution from WTS -- which IMO - if the rest is DONE the right way is fully digestable and leaves us some where in the mid 20s PPS)