FNMA can have the highest earnings possible, and it still won't matter if the government is taking it away!
So, if the earnings are lower, say 25%-30% lower, and FNMA & FMCC are released, and the gov't is no longer stealing, uh er ahem, I mean appropriating the $$$ ... then the "lower earnings" are still gonna be huge.
And it will be reflected in the PPS