Fannie Mae-No Politics (FNMA)

[DaJester]

Also important to note if you pay close attention to the wording - Pulte says "It will be traditional" and "I think it'll be about 5% of the stock of both companies." (1:57:55 - 1:58:10 mark)

He is NOT saying they are selling 5% of the Treasury's shares. It's 5% of the total shares of each company - whatever that may be post-dilution. He is not saying specifically who is selling the shares - Treasury selling exercised warrants, or the GSEs having a public stock offering themselves?

I still think this implies a PE of 20+, and a FNMA share price between $55 and $65. And the language ambiguity tells me its just as likely as not that the Treasury is not selling a single share. It's a GSE stock offering in my book.

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