Fannie Mae-No Politics (FNMA)

[FOFreddie]

Hi LuLeVan,

Just to be clear :

1. It is your opinion that Calabria's book represents the likely intent of UST even under a new DJT Admin?

2. If so - how do you reconcile what Calabria said vs what DJT stated in his Letter to Senator Rand Paul?

3. It is your opinion that the Collins decision gives the UST to execute a cramdown?

4. It is your opinion that the Collins decision will mean that the Delaware and Virginia and SEC protections for minority shareholders will not matter? For example, the Fanniel Board will not have to require the preparation and approval of a Fairness Opinion?

5. It is your opinion that JPS prices reflect the great uncertainty of the likelihood and timing of a cramdown but that Commons are irrationally high even though securities of the same issuer capital structure normally trade off of expected value which is a function of implicit risk/return. Mr. Market is rational when it comes to the JPS but Mr. Market is wildly irrational when it comes to the current price of Common?