Fannie Mae-No Politics (FNMA)

[FOFreddie]

Hi Nats - totally agree with you on using this Board as part of our due diligence. I have tried to be constructive all shareholders common and JPS even though I have owned JPS since 2008. We need to be advocates for fairness. I was a common shareholder in 2008 and I would have jumped at a bailout that resulted in a value of $ 30 or so in fall of 2008. There was no confidence in the financial system at that point and the GSEs seemed to me to the most solid financial companies in the market but a USG bailout was necessary. We should have got the same deal as Citibank and the others. I have made a point to show how the UST and NEC screwed commons with the leak of the Barrons article but the reality was that the financial markets had no confidence and that the only way to raise capital was via high coupon JPS like FNMAT at the time. I cant remember where common was trading prior to the Conservatorship but I think it was single digits. We all should be compensated for the rip off over the last 15 years but I don't see a scenario where FNMAT would get made whole for the lost dividends over the last 15 years - this was already litigated in the Lamberth decision and was decided that damages had to based off changes in market value. What would the damage model be for a taking on the exercise of the warrants? Wouldn't this suit have to be in the COFC? - based on what we know it seems like this will be difficult based on our experience with Judge Sweeney - she knew how we got screwed but ultimately, she was reversed on appeal. Based on what I have seen - we should have low expectations for success in the COFC.