Fannie Mae-No Politics (FNMA)

[The Man With No Name]

You think you know it all.

Reality is that the journey has been filled with unprecedented turns, at least for the 11 years I've been following the GSEs. Unlike you, I don't think that everything will suddenly revert to the "norm" of restructuring and receivership. I leave open the possibility that the resolution here will be different because the journey here was different.

I don't know it all....I assure you of that. But after the Supreme Court blessed the twisted logic in the Collins case, you shouldn't be counting on anything more than charity.

I'm not a believer of pixie dust and unicorn farts. When you've lost every step of the way, I wouldn't expect a big win. Treasury isn't going to become charitable.