Fannie Mae-No Politics (FNMA)

[HedgeMyRide]

FNMA 10K (i.e., the horse's mouth):

Common Stock Warrant

Pursuant to the senior preferred stock purchase agreement, on September 7, 2008, we, through FHFA, in its capacity as
conservator, issued a warrant to purchase common stock to Treasury. The warrant gives Treasury the right to purchase shares
of our common stock equal to 79.9% of the total number of shares of our common stock outstanding on a fully diluted basis
on the date of exercise, for an exercise price of $0.00001 per share. The warrant may be exercised in whole or in part at any
time on or before September 7, 2028.

IN ADDITION: Treasury may not terminate its funding
commitment under the agreement solely by reason of our being in conservatorship, receivership or other insolvency
proceeding, or due to our financial condition or any adverse change in our financial condition.

Question: With ALL funds and institutions BUYING FNMA last quarter and selling NONE, do you really want to bet against Wall Street here?

**Tepper on CNBC last month: "For guys that are short, they better have themselves a shovel to get out of the grave."

**more like a backhoe, IMHO, : )