Fannie Mae Preferred S (FNMAS)

[big-yank]

No volume = no confirmed trend on preferreds, but nobody is selling. FNMAT has traded only 85 shares as of 11:00 AM. Just 5k shares traded on FNMAS.
FMCC has actually been more active than FNMA, 900K vs. 550K but trading price spread remains @ $.20 between the two Twins.

There is some missing puzzle piece in all of this. It will get played, and my bet is sooner than later. News, maybe? That's my guess. Could Ackman be getting ready to disgorge a position? Was any rumor hot @ Ira Sohn Conference? There's a virtual full court press on Mulvaney that makes little sense since the reserve provisions would not be entirely favorable to shareholders. It's almost like somebody senses to float some good news out there before a big shoe drops in the coming near term.

Sitting tight on expanded FNMAS position.

JMHO.