Fannie Mae-No Politics (FNMA)

[HappyAlways]

Don’t understand your rationale. If you don’t think Fannie has a future, you should not be hanging around in this Fannie Commons board to waste your time.

USG can never convert the PSPA into commons, given PSPA had been fully repaid long ago. They will need to waive the PSPA before they can convert the warrants. Or, no one will invest. Honestly, I don’t think they are able to convert the warrants without meeting some challenges in court.