Fannie Mae-No Politics (FNMA)

[JOoa0ky]

Capital plans won't reveal exit out of conservatorship.

What it will say is: We maintain course of accumulating capital to reach our capital requirements.

AFTER the conservatorship exits gets implemented, THEN the capital plans will reflect what they will do.

We do know that the GSEs must report a 5 year Capital Budget to the FHFA by May 20th under the new Capital regs. This may not be made public but there has to be a number for possible equity offerings in the next five years. It could be 5 years of zeros but there has to be a number.