Fannie Mae Preferred S (FNMAS)

[jwnoble3]

Both Fannie and Freddie have been growing and now effectively back ~$5T of MBS.

R-ship is not an option (its also why USTSY took 79.9% warrants and left stock outstanding). No R-ship until a proven third entity CSS LLC (CSP) is fully functional and proven. That will take several years to a decade and at that future time F&F would need to stop writing/securitizing new business.

At that transition point, it would still take several years for their remaining portfolios to wind down. 10-20 years in total duration