Fannie Mae-No Politics (FNMA)

[LuLeVan]

There won't be a huge haircut, IMHO. If they don't offer close to par ($25 or $50), JPS shareholders wouldn't accept. Because they know that without them it is almost impossible for the government to Re-IPO. If the government wants to make up to $100 billion, probably after a SPS-to-common-conversion, they HAVE to deal with the JPS.

JPS holders will not get $25 or $50 a share call. USG is pissed off at the suing hedge funds and will give what they deserve…,a marine style hair cut! Ouch!