Fannie Mae-No Politics (FNMA)

[FOFreddie]

Thanks Familymang. You are referring to pages 147-149.

So its clear that McNuchin and Calabria felt that UST would have to write down at least part of their SPS position - correct?

Page 147 as you have quoted: " Treasury could be heavily diluted, and almost certainly would have to be, but it did not want to see that accomplished by losing its standing."

Calabria mentions on Page 148 mentions a conversation with Mark Warner that it "..was not economically possible for Treasury to recoup par value for its preferred shares."

So you are assuming that when Calabria wrote .."Mnuchin was open to placing all the equity holders, in a similar spot." - Mcnuching did not really mean ALL just the JPS and the UST SPS? Why do you assume that ? Common is equity and all is every class of equity.?