Fannie Mae-No Politics (FNMA)

[Bryndon]

Freely admit, I am not a Lawyer.

You don't need to be a lawyer to calculate the unwinding of the NWS. Mr. Thompson's firm is advocating for an annual unwinding of the NWS, where as my firm is advocating for a quarterly unwinding (which makes more sense, since the sweeps were done quarterly). And we have calculated an approximate overpayment of $220.4 billion that goes directly to retained earnings. Here's the combined journal entry for this transaction:

Cash (debit) $ 26.9 billion
Senior preferred stock (debit) $193.5 billion
Retained earnings (credit) $220.4 billion

Mr. Thompson's firm misses the mark by $96.4 billion. But, this shouldn't surprise anyone since Mr. Thompson confessed to the judges that before this case (meaning the ones they represent) he had no concept of math. My legal team has no such disability and, in fact, specialize in derivative actions; so they have math and accounting skills.

I hope this will finally answer your question on the difference between what we're proposing and what he's proposing.

Cheers,
Bryndon