Fannie Mae-No Politics (FNMA)

[Donotunderstand]

my view is win and win
LP/SP -- declared paid

slow increase of capital - 20B a year or whatever - no SPO

yes to WTS (as that is the yang to the ying of killing LP/SP)

at 5B shares and say 15B in average profit - that comes to 3 a share x 8 = 24

common moves up - on capital growth via earnings and expectation of some form of release
JPS inch up slowly as NO dividends allowed for say 3-4 years as capital grows
But JPS then will catch up to PAR or FACE - say in year four - with maybe common getting there in 2 years
All we need is what has not happened and is say 10% likely - the death of the LP/SP and congress to do somethiing 24-25