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JSmith5

01/18/25 9:47 AM

#813343 RE: kthomp19 #813252

Four score and seven years ago our fathers brought forth, on this continent, a new company, conceived in Liberty, and dedicated to the proposition that all men are entitled to a fair and equal opportunity for obtaining a 30 year, fixed rate, 20% down, no prepayment penalty, single family home mortgage.

Now we are engaged in a great civil war with the Evil Mortgage Bankers Association, testing whether that company, or any company so conceived and so dedicated, can long endure. We are met on the great battle-field of public opinion. We have come to dedicate a 79.99% portion of that field, as a final resting place, for those who gave up their stockholders rights that that company might live. It is altogether fitting and proper that we should do so.

But, in a larger sense, we can not dedicate—we can not consecrate—we can not hallow—this ground. The brave shareholders, living and dead, who have struggled here, have consecrated it, far above our poor power to add or detract. The world will little note, nor long remember what we say here, but it can never forget what they did here. It is for us the living, rather, to be dedicated here to the unfinished work which they who fought here have thus far so nobly advanced. It is rather for us to be here dedicated to the great task remaining before us—that from these honored dead we take increased devotion to that cause for which they gave the last full measure of devotion—that we here highly resolve that these dead shall not have died in vain—that this company, under God, shall have a new birth of freedom—and that this company of the shareholders, by the shareholders, for the shareholders, shall not perish from the earth.

DC Grannie (Grannie Mae)
as dictated to Nats
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FOFreddie

01/18/25 11:12 AM

#813355 RE: kthomp19 #813252

Thanks Kthomp and Nats for the discussion. Kthomp - what is your estimate of value at 5% legacy common and 10% legacy common ownership for FNMA? How about FMCC? Looking at Ackman as best case near term - what is the realistic worse case scenario? I am still thinking that John Paulson said 90 -95% UST ownership early on.