Fannie Mae Preferred S (FNMAS)

[big-yank]

Yes. I almost wish I had not taken so deep a position in Apple in July so I could add, here, but I did get those shares at $96 (closed @ $108, yesterday, with a nice divvy) so I'll avoid the self pity stuff on FNMAS.

The point that often gets lost in the pudding here, so to speak, is that the starting point for the earliest Fanniegate suits was investor pushback from suspended dividends on preferred equities issued by both GSEs to raise capital in a tightening liquidity market. Most all the release and recap iterations so far proposed would likely make this a future necessity, especially if Glass-Steagall gets repealed and banks get hungry for more mortgage finance biz to offset other, divested interests and freeze FnF out of easy financing access. I think the GSEs days using the Fed as a piggy bank are going away very shortly. This could and likely would make additional equity financing much more attractive... something that can only happen if pfd's get restored and common divvies re-commence upon release, assuming an exit from conservatorship ever actually occurs.

Hey, could you repost your figures for liquidation value from the FNMA board a month or so ago. We had a long thread on this yesterday over the topic, and I commented that your numbers were well thought through on the subject.

Good luck navigating this treacherous market, these days.