Fannie Mae-No Politics (FNMA)

[FOFreddie]

Hi Glen,

Just checking if you agree with No Name on the Ropp case and how that can result with the 3rd Amendment being set aside? Just to be clear Thompson thinks DJT meant that the SPSA Liquidation Preference should be set to zero- are you aware of that?

Here is an excerpt from Page 45 and 46 from the Ropp Complaint:

All of this publicly available information is confirmed by former President
Trump’s statement. He stressed that he would have “sold the government’s common
stock in these companies at a huge profit.” Letter from Donald Trump to Sen. Rand
Paul, supra (emphasis added). President Trump’s reference to the government
Case: 20-2071 Document: 31 Filed: 12/21/2021 Page: 52
45
profiting from common stock reveals how his administration planned to change the
Companies’ capital structures; if Treasury’s senior preferred shares remained
outstanding with a multi-billion-dollar liquidation preference, no economic value
could ever be realized by Treasury through the sale of common stock it obtained after
exercising its warrants. Thus, this reference necessarily implies that the Net Worth
Sweep would be ended and the liquidation preference on the Treasury’s senior
preferred stock would be reduced to zero.

Do you disagree about what DJT meant in his Letter to Rand Paul? I would think that any deal that JB and Sandra Thompson might want to do wont be good enough for DJT? The Complaint is very clear here - "...the liquidation preference on the Treasury's senior preferred stock would be reduced to zero."

Also - any idea if the Banking Committee will try to vote Thompson out as long as Lujan in in the hospital?