Fannie Mae-No Politics (FNMA)

[The Man With No Name]

Only in bankruptcy which we are not. Com’s will go to triple digits after release.

Commons will go to double digits after a reverse split.

FnF aren't in bankruptcy, they are in conservatorship.....which is worse than bankruptcy. In bankruptcy, you have rights. In conservatorship, you don't.

But if any of you think that conservatorship isn't analogous to bankruptcy, especially with regards to capitalization, you are sadly mistaken.

For all intents and purposes, Treasury owns 80% of commons. They can own most of the rest EVEN IF they severely 'write down' the SPS. Treasury can take a big time haircut and commons can still be diluted in any amount they desire.