Fannie Mae-No Politics (FNMA)

[JSmith5]

The calculation of the share price is much simpler: if 7.2 billion shares (warrants redeemed) are worth 250 billion dollars, then one share is worth 34.72 USD. Such an approach also avoids confusion regarding a JPS conversion.

Thanks Fully Diluted - agree. Also, this would align pretty close with Ackman's estimate of about 15° Ackman (15 x 2.29).

I think HUD should have a place in the release process. After all, it strengthens the whole release team. Its job will be to make sure that the enforcement of the Fair Housing Act, which HUD was mandated by Congress to do, is anchored in the release process. Not a big deal.

The problem is that there are a lot of housing related programs with Congressionally mandated missions across the Government. DOD,BIA and others could make the case that they are stakeholders. There are enough players in this already. I completely understand where you are coming from - but the only players we need here is the President, Treasury and FHFA. And Congressional involvement should be considered radioactive by the stockholders.

Nats