Fannie Mae Preferred S (FNMAS)

[44centsAKAchoccake]

Dilution. http://www.investopedia.com/articles/stocks/11/dangers-of-stock-dilution.asp

They would also need to recapitalize. Maybe $200 billion if you assume a 4% equity ratio. Say they sell shares at $18 per share. That's still more than 10 billion shares. 19 b total not 9 b.

Selling at $9 instead of $18 would mean 20 billion more shares.

So, I'd recommending recalculating your numbers with realistic capitalization assumptions.