Fannie Mae-No Politics (FNMA)

[FOFreddie]

Thanks Guido - as you know we disagree about the work of Tim P. I really appreciate what Tim P has done and is doing but I do think CNorris2 is off base in criticizing your advocacy. At a minimum it is a good cop bad cop advocacy strategy - and at the high level it is fighting against clandestine nationalizations and revolving door with USG actors become rich due to policy actions they implemented when they were in government. We do not want to live in an Administrative State where private capital is effectively stolen under the guise of administrative policy actions.

CNorris2 - one thing that Tim P did not do in his book was really examine the Financial Crisis Inquiry Commission documents that were released. I believe he made passing reference to the "For Your Eyes Only Memo" from the NEC to the UST but that is all. Tim Howard actually included this Memo in his Amicus Brief for Collins and would say he definitely is another that needs thanking. If you look at the FCIC documents and all the documents regarding the NWS you can definitely understand where common shareholders are coming from and the basis for the fervent stance.

Regarding strategy - Guido has been consistent in his support of the work of Bryndon Fisher who also deserves a gigantic thank you for the time and money he has spent. The strategy behind the Brydon Fisher suit and the Mike Kelly suit is a derivative action which would mean that capital would be returned to the GSEs and the SPS voided. This really is the best strategy albeit a low probability one because it is equitable and recapitalizes the GSEs without having to finesse the compromise of debt regs in the CFR.

We need all our champions to be engaged: Tim P, Tim H, Bryndon Fisher, Mike Kelly and Guido! Go Guido Go!

Also - a big thanks to Robert who has consistently provided great information and insight.