Fannie Mae-No Politics (FNMA)

[The Man With No Name]

There's nothing wrong with referencing the footnote. Just remember, Treasury may (with FHFA's consent) and can convert some of the SPS to common. And the $14B you point out is $14B they can take 99% of if the numbers work in their favor....especially given the mandatory liquidation preference pay down provision in the SPS contract. EV matters.