Fannie Mae-No Politics (FNMA)

[LuLeVan]

Thanks for the correction and all your other detailed work. I didn't know that FnF's total assets were already over $8 trillion. Also, I used 2.5% (which is the HERA minimum) instead of the 3% in the 4th Letter Agreement.

Those are $4.560T for Fannie and $3.758T for Freddie, or $8.138T combined.

(Red emphasis added by me)

Your conclusions should, in principle, be read with enthusiasm by everyone here hoping for an early release. The only problem is that they come from you and are therefore doubted - without reason - simply out of spite.

However, your conclusion is in essence correct: if Treasury cooperated (converted the balance sheet seniors to commons, wrote them off, or some combination) and new investors were willing to max out the common equity raises, FnF could basically be released by early next year.

(Red emphasis added by me)