Fannie Mae-No Politics (FNMA)

[FOFreddie]

Thanks for all your hard work and analysis on this and all your other posts - Rodney. Personally I believe that the warrants are enforceable even though the Conservatorship was a pretext - especially for FMCC. FMCC did not have the sub-prime related losses that FNMA had and always posted a positive cash flow result even during the years right out of Conservatorship.

I think your numbers are credible giving a best case value before any dilution from new capital raises. There will have to be new capital raised and there will be dilution. I would be happy in the $ 8-15 range on a fully diluted basis.

Thanks again Rodney! Dont give in and dont give up!