I think that their argument would be that nobody said competition had to be "fair". I think at this point that FNMA has it all over FMCC. If there is going to be an IPO, IMHO, it would be FNMA by itself. Not fair to FMCC, but the numbers for FNMA would crush FMCC. That is why (only speaking for myself) why I own FNMA commons.
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