Fannie Mae-No Politics (FNMA)

[FOFreddie]

Hi Glen, I really appreciate all of your work on behalf of shareholders but I think you really wrong on the 10 cents chatter regarding legacy common. I think the facts are just too stinky to mistreat legacy common investors.

Do you know who was the recipient of the US Treasury Department Exceptional Service Award in 2008? He is the 14th President of a Christian College in Holland Michigan.

https://hope.edu/news/2018/campus-life/matthew-a-scogin-named-14th-president-of-hope-college.html

He is one of the cc's on the FCIC memos - wonder if he thought to bring UST Counsel in before the Barron's "For Your Eyes Only" memo was planted with the press? Looks like he did very well for himself and is probably a great guy but the Fannie/Freddie fact pattern during 2008 really stinks.

If they convert the SPS it probably is a taking and it is ripe for a cause of action. They will have to work within the confines of CFR Title 31 902.2 as pointed out in Footnote 30 of the CBO report. Their best strategy is to settle with derivative damages and bring the equity back to the GSEs so they can participate 79.9/20.1.