Fannie Mae-No Politics (FNMA)

[FOFreddie]

Hi LuLeVan,

Turning on the divs for the JPS is a great way to settle the JPS suits if the UST ever wanted to. The conversion of the JPS would really help meet CET1 goals by bringing in $ 30 bn of common equity. The GSEs can always issue more JPS over time but the question is at what interest rate? The 5 pct series are looking pretty good now.

My question is why whatever Calabria reported about McNuchin relevant? Calabria was a Mike Pence guy who now is irrevelant in GOP politics and McNuchin has not come out in support of DJT in past years to my recollection.