Fannie Mae-No Politics (FNMA)

[Donotunderstand]

ok - I hear you

re the below

Only if the unwind happened today. If it happened three years from now Treasury would not owe FnF a single penny in cash (all relief would be liquidation preference decreases),

? --- I understand the smoke and mirrors for a bunch of years now. F and F keep cash and LP grows. As I understand that - it is on a $1 to $1 ratio.

I do not immediately understand why - how - prior cash sent to Treasury for amounts over 10% ---- before the $1 to $1 arrangement would shift to LP paper transactions --- it should hold