Fannie Mae-No Politics (FNMA)

[FOFreddie]

Good Morning LuLeVan,

Yes - I can see where they do some large private placements but I would think there would be a lot of interest from domestic buyer's like Ackman's SPAC and BlackRock for example. The bottom line is that the GSE MBS asset portfolio is probably the most diversified most secure fixed income portfolio in the world. Do we know if the investment advisor contracts are still in place - at some point the GSE Board's will have to get involved and have some semblance of normal Board process. This raises the issue of the scope of authority of the Conservator to "conserve and preserve" vs a potential legal or Constitutional challenge. Does anyone know if there is a big common holder other than Ackman out there? Is the support for common all small retail or is there someone out there who either wants to use their common stakes to enhance their JPS holdings return or more likely intending to do a Texas two step with a large JPS and a large common whereby they first use their common stake to enhance their JPS returns and then pile into maximizing their common stake.

Of course all of these queries are very low probability and extremely hypothetical based off of Mr. Market's valuation of GSE JPS and Common.