Fannie Mae Preferred S (FNMAS)

[brandemarcus]

Perhaps you saw my posts in the last 2 days. Disclosure in this case -syncora- is a little more black box than with fnma even in 2010.
If the present government local and international debt crisis are in the early innings than Syncora may not survive. I don't see a repeat of 2008 with this. The question is will the hidden crisis in the components of the black box overwhelm the considerable claims paying resources.
The problem also is the lack of positive upside since RMBS is only a small amount of exposures unlike the gse's. The other problem is with some of the other crazy structures is how much will improve real estate -commercial and residential help any remaining exposures. With Fannie and Freddie things were simpler. Now with Detroit and Puerto Rico here comes the politics. Oh great!
Once you put your mind to it, Beta, you will soon understand more than I. Hope you can share your insight with the others on that board.