Fannie Mae-No Politics (FNMA)

[FOFreddie]

Thank you for working on this Vancmike

I purchased FNMAT at $ 25 on May 8, 2008 exactly two months after the NEC sent a "for your eyes only" memo to the Undersecretary of the UST discussing the "benefits of nationalization" of the GSE's

https://fcic-static.law.stanford.edu/cdn_media/fcic-docs/2008-03-08_Treasury_Email_from_Hason_Thomas_to_Robert_Steel_Re_Source_document_for_Barrons_article_on_FNM.pdf

I believe there were $ 5 to $ 10 billion of JPS securities that were sold after this memo and not one investor knew that the NEC and the UST were considering nationalizing the GSEs only a few months earlier.

One week after this Memo was leaked to Barrons, Bear Stearns failed since confidence had been lost in the private MBS market.