Fannie Mae-No Politics (FNMA)

[Letgoofmyfannie]

It's interesting, also the constant vitriol expressed at the Preferred shares is bizarre and obviously fundamentally incorrect in its application of law; but especially since the Preferreds appear to be a way to obtain Common shares at a discount in exchange for decreased liquidity (should a Moelis-type plan be executed anytime soon, ground tremors are sayin' 2018, when I put my ear to the tracks they're a-hummin', so...)

A $50 Preferred can be bought for $10-11, if they get six shares Common, that's less than $2 per share for Common. So in my mind either the Common is over-priced or the Preferreds are under-priced. I prefer the latter.