Fannie Mae-No Politics (FNMA)

[andydub]

I really don't know how such an order/settlement/legislation/agreement might be written up in terms of an enforceable instrument. My thinking was just about seeing what would have been if the third amendment had never existed and the overage on the payments to Treasury had reduced the LP, since that seems an equitable way of remedying the damages done by the amedment. Presumably the parties could agree, or a judge could so order, or congress so legislate.

As to why Freddie left out, I was not invested in Freddie at the time. This took considerable time to dig through all the filings to pull out the numbers. I did it primarily as an exercise in due diligence, to estimate the impact on value of "undoing" the third amendment.

The overpayment in total works out to 78,551 million in this scenario, here are the numbers, hopefully they will not be too ugly to read. Values are in millions of dollars...

Okay, I am nbot having much luck getting headings to line up, they are...

Date, Actual Draw, Actual LP, Actual Dividend, Actual % Dividend, Projected LP, Projected 10% Div, Paydown

							 
 2008-Q4	1,000	1,000	31	12.40%	1,000	25	 
 2009-Q1	15,200	16,200	29	11.60%	16,200	25	 
 2009-Q2	19,000	35,200	411	10.15%	35,200	405	 
 2009-Q3	10,700	45,900	883	10.03%	45,900	880	 
 2009-Q4	15,000	60,900	1,151	10.03%	60,900	1,148	 
 2010-Q1	15,300	76,200	1,527	10.03%	76,200	1,523	 
 2010-Q2	8,400	84,600	1,907	10.01%	84,600	1,905	 
 2010-Q3	1,500	86,100	2,116	10.00%	86,100	2,115	 
 2010-Q4	2,500	88,600	2,154	10.01%	88,600	2,153	 
 2011-Q1	2,600	91,200	2,216	10.00%	91,200	2,215	 
 2011-Q2	8,500	99,700	2,282	10.01%	99,700	2,280	 
 2011-Q3	5,100	104,800	2,494	10.01%	104,800	2,493	 
 2011-Q4	7,800	112,600	2,622	10.01%	112,600	2,620	 
 2012-Q1	4,600	117,200	2,817	10.01%	117,200	2,815	 
 2012-Q2	0	117,200	2,929	10.00%	117,200	2,930	 
 2012-Q3	0	117,200	2,929	10.00%	117,200	2,930	 
 2012-Q4	0	117,200	2,928	9.99%	117,200	2,930	 
 2013-Q1	0	117,200	59,368	202.62%	60,762	2,930	56,438 
 2013-Q2	0	117,200	10,243	34.96%	52,038	1,519	8,724 
 2013-Q3	0	117,200	8,617	29.41%	44,722	1,301	7,316 
 2013-Q4	0	117,200	7,191	24.54%	38,649	1,118	6,073