Fannie Mae-No Politics (FNMA)

[FOFreddie]

Hi LuLeVan

Again I disagree.

Calabria's views will go the way of Mike Pence and will fade away in irrelevance. They are not influential now and will not be influential in a potential DJT Admin.

Under Collins the FHFA has wide discretion over the assets and questionable discretion over the equity of the GSEs. The 5th Circuit just opened the window for the equity v assets discussion regarding a 4617(f) challenge not to mention a MQD challenge. Theoretical for sure but there is no reason to believe that there will not be challenges over a cramdown. The dollar amounts are too great and you do not know who owns or will own the legacy common going forward.