Fannie Mae-No Politics (FNMA)

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Right. As conservators of FnF, the primary responsibility of the FHFA is to restore them to solvency. That's it. All of the political talk is framework for future mortgage finance reform, which is another issue entirely, albeit an important one.

Any company that makes multi-billions of dollars of profit per year is in fact solvent. I don't think any real pressure to release FnF from cship will happen until they've paid dividends that equal their prior Treasury draws (likely to happen by year's end). Then that ignites the media frenzy.

Bottom line, we get another small pop in the next few days, trade sideways for a month, then buckle in for another big pop. Take your profits because it won't settle at those highs.