Fannie Mae Preferred S (FNMAS)

[NobodyFromNowhere]

I'm watching October 2014 lows in the days after Lamberth

pfds are closing $1 below intra day lows and commons are about to break the $1.51 closing level from October 2nd 2014.

Given that Perry Capital is shrinking, and continued stream of dismissals, I find no reason to buy until this is back trading at 20 cents.

Worth buying as a long term way out of the money LEAP at 20 cents, but nothing else at this point. There are no fundamentals or shareholder rights. Shares have basically been cancelled.