Case 1:05-cv-01483-JDB Document 33-20 Filed 06/21/2007 Page 1 of2 EXHIBIT R . . . mt te - PV eee eT. Case 1:05-cv-01483-JD6 Document 33-20 Filed 06/21/2007 Page 2 ote _ ‘Subject: Presentation on August 21 on ~-: Date: Mon, 6 Aug 2001 12:49:18 -0400 - ee, ~ From: "mail.risk-mitigation.com” “2°. Tos "Rhoda E Newman” . .. ~ _€ newman@fanniemae.com>; - . + CC: >. > We are tooking forward to mieeting with you of the Zistof August. However, we want to make certain thal Kate is on. 's,,*| target with her presentation. Could you please let us know if you are looking at the captive as 2 potential credit / *, ‘enhancement tool for Fannie Mae or as a tool that the DUS lenders could use, ee oo {mat with LendLease’ Chief Crédit Officer and tha CFO in Dallas tast week.. There appears to be interest on their part in using a captive insurance company as a risk transfer and credit enhancement vehicle but they were — - concerned about Fannie Mae's reaction to the concept of captive insurance companies. . Also, it appeared to _: LendLease.that the captive could be-very-effective if they coutd also lay off their 5% first loss obligation under the - ;_-DUS program to the captive insurance company. ‘This question was raised in my e-mail to you back on May 30, -” Finally, could we spand a little time discisssing the other two questions from the insurance companies that we posed to you at the end of May? “> My partner, Harvey Hartsfield will be working with Kate on her presentation so please cc him on your response, ' Thanks. Marialice ... weal Boats et ay met hh ne de verot sisal) UP ner Ure ohn ot May 29 Fe WUD cate . WK resporge 10522 — s/6103 12:00PM FNMA.MBW.008057 CONFIDENTIAL