Freddie Mac-No Politics (FMCC)

[Sogo]

Do you include any particular macro environment predictions as a driving part of your GSE specific DD? I assume you foresee the macro picture (rates, employment, dollar, taxes) being favorable for the GSE companies, at least. But could you share a brief thought or two on how you see the macro environment to be over the next 3-5 yrs? If favorable to gses, then probably also favorable to many other stocks in other sectors.