Fannie Mae Preferred S (FNMAS)

[44centsAKAchoccake]

Just a theory, but he may be referring back to the stress test results, while admitting that there could be more rapid repayment as a result of the DTAs and loss reserves and so on. The stress tests are pretty solid and conservative.

http://www.fhfa.gov/webfiles/24610/Projections102612.pdf

Some of the other things still have a bit of a "wild card" quality. Deriv gains are likely for example but it depends on what happens with interest rate levels and so on.