Fannie Mae-No Politics (FNMA)

[JSmith5]

That is not the only route. An offer can be made without the shareholders having to have a 2/3 majority vote. 2/3rds only means that the agreement can be amended and non-consenting shareholders are obliged to convert.

Right - thanks for bring this up.

The shareholders of the GSEs certainly have a lot of experience in having contracts amended. To the extent that is almost what we do for a living.

Nats