Fannie Mae-No Politics (FNMA)

[FOFreddie]

The CBO has the common worth $ 14 bn for IP0 Starting 2023

See Footnote No. 33

33. If it exercised all of its warrants, the Treasury would own 79.9 percent of the GSEs’ common shares issued prior to the new stock offering. Thus, the Treasury would be in line to receive 79.9 percent of the $69 billion in equity value available to existing holders of common shares after the GSEs made up their $107 billion capital shortfall and redeemed the combined $225 billion in senior and junior preferred shares.

For IPO Starting 2025 Legacy Common Stake is valued at $ 27 bn (See Table 4 $ 362-190-35-110 = $ 27bn)

There is no allocation between FNMA and FMCC. We are trending toward a 2025 Scenario based on timing and net earnings to date.

Just want to be clear about what the CBO report results are to the extent they are relevant