Fannie Mae-No Politics (FNMA)

[rosen62]

Thank you for always bringing clarity.

Yes, his calculation must be that the first 2013 sweep would represent excess dividends to UST, therefore dividends to Jrs. get enforced. So adds one full year of dividends (Y) for all 2013 plus half of 2014 till the cut-off date. That is 6 quarters of dividends which -if this plan gets any footing- current Jr. holders will never see. These funds will become restricted capital together with (x) funds. Or that is his optimistic expectation.

I am a little lazy now to see if the 1.36 bill difference matches aprox. 6 Q of dividends. But I'll try later.

Hopefully, the plan has also contemplated to convert (Y) funds into pari-passu commons and distribute those to the owners of those dividends. This only makes sense. Or Berkowitz himself will be involved in taking property from others under his own plan.