Fannie Mae Preferred S (FNMAS)

[Joe Stocks]

You really think TSY would leave us with nothing?

Woon, After reviewing everything that has been said and done by the Treasury in regards to FnF, I think that is the end game in their minds. Sure we are making profits but Geithner himself said it is wrong for private equity to benefit from the government guarantee. Therefor I believe the US Treasury very well may think that current profits flow directly to the taxpayers as a return on their guarantee and investment. I don't think they buy the idea of the net investment. Geithner also said the Treasury would resist attempts to keep FnF around for the long term and they would be wound down. I would think that Lew will probably carry that thinking forward.