Fannie Mae-No Politics (FNMA)

[FOFreddie]

Hi LuLeVan - I disagree with you that GB will be right on most everything he has stated. Someday recap/release will ultimately happen, but it is very unlikely that the commons will be worth $0.10 as he predicted. There is no rational basis to assume that the UST has the expertise to execute on a cram down with such draconian consequences for common shareholders nor is there any rational basis to expect that a public offering could be successful if it comes after such a cramdown. There will just be too much incentive for new lawsuits and perhaps push back by new institutional shareholders. For example, Investment Policy restrictions of prospective institutions again investing in companies which previously harmed or discriminated against common shareholders.