Fannie Mae (FNMA)

[FOFreddie]

Great Points. I think we need to wait and see what the 5th Circuit does with the Collins Appeal. Even if they freeze the liquidation preference as of 2023 it will mean that commons would benefit from 20 pct of the potential value upon exit - if ever . Assume 2041 exit - 20 pct going forward could be multiples of the current price.

The smart move would be for the USG to settle the separation of powers suits and then the litigation would be moot. Common would just have Lamberth to settle and anything that survives at the COFC which seems unlikely at this point.

The big question is where the Growth Fund of America shares went. Who bought them - cant be retail only do you think?