Fannie Mae-No Politics (FNMA)

[FOFreddie]

Good Morning Red Cloud,

Great Question - who has been accumulating the GSE Common - this is especially important because all of the cram down advocates have continually highlighted the cram down risk from the SPS Conversion. It seems clear that the plaintiff's lawyers in the Lamberth litigation have a lot of non public knowledge about who owns FMCC Common and the FNMA/FMCC JPS since there will be an allocation of damages to these shareholders. They may not know actual holders but they would know holdings by clearing firms which would indicate the type of holders and they would know changes in holdings by clearing firms during the term of the litigation.