Fannie Mae-No Politics (FNMA)

[Wise Man]

FNMA posts 80% of the adjusted EPS in FMCC.
Also Freddie Mac always grows faster. For instance, the latest figure: annualized 2.5% volume growth qoq in Q4, versus 0% in Fannie Mae.
Top line growth plus margin improvements, drive the PE multiple.

Therefore, Freddie Mac deserves a higher PE multiple and it posts higher EPS. Multiply both to assess the target price and you'll see why $FMCC should trade always at a price at least 50% higher than $FNMA.
You don't even know that BoA doesn't sell mortgages to Fannie Mae.
You don't talk about the non-bank lenders that sell mortgages to Freddie Mac.
You attempt to justify the current share price and the fact that someone is accumulating the stock with greater upside, needing a lower price to get more stocks, in an attempt to offset the difficulties in accumulating stocks in a company with a light trading volume.

Do you happen to know Ackman's clerk, Glen Bradford?
Are you going to write a SA article with that muddy story of visiting construction sites in winter?