Fannie Mae-No Politics (FNMA)

[FOFreddie]

We disagree on the prospects of the outstanding litigation. I believe that the NWS will be set aside as a remedy in the Collins case. It will be a 2-1 Panel or a 9-7 Enbanc ruling. I am not sure if the 5th will find that the invalidation is due to the removal or Appropriations clause violation. The 8th will have to decide to follow the 5th or oppose the 5th regarding the remedy for the removal separation of powers violation.

We also have Rop and whether or not it will be granted Cert. I think Kavanaugh will argue for Cert and ultimately Judge Thapar's dissent will prevail before SCOTUS.

Kelly is before Judge Davis who is a DJT appointee. Best case is that Kelly survives and Wazee is assigned to Judge Davis since Judge Sweeney has attained senior status.

What Calabria may or may not have discussed with McNuchin is not relevant nor is the valuation that the UST has assigned to the value of the warrants which is used in the balance sheet reconciliation part of the Presidents annual budget. A fair valuation for the warrants would have to reconcile option theory and the GSE valuation process.

I disagree with you on most things except I do appreciate the access to transparency that your website provides.

In any event - 2023 should be an important year to see who is most right and most wrong. Perhaps you will prove to be right but I would urge you to spend time understanding fundamentals of finance better.