If FNMA goes private - read that report

FNMA goes to be a private company

A Blueprint for Housing Reform in America

http://online.wsj.com/public/resources/docume...Reform.pdf

on Millstein's report:

"Market Cap
New Fannie $ 108 billion

Government ownership: 85%

p.14, at the bottom

This goes beyond the 79,99% warrants

Leaves the existing common shares with 15%.

Fannie Mae has 1,158,072,058 shares.
15% of $ 108 billion is $ 16 billion, that's $ 13.8/share.

He left out:
1.the putbacks/lawsuits,
2.the part of the reserves that can be reversed,
3.the deferred tax-assets.

Upside from the current price level:
Preferreds +1,462%
Commons +4,828% +4,828% (Fannie);