Fannie Mae Preferred S (FNMAS)

[big-yank]

Remember the 5 year buyout window is different for Fannie vs. Freddie. Fannie Pfds has a window timed from 12/31/10. Freddie Pfds has a window from 12/31/12. A liquidation scenario benefits FNMAS with a trigger point of this New Years Eve.

Don't think the hedgies aren't acutely aware of the timelines on this stuff. Big bucks on the line with the right play.