Fannie Mae Preferred S (FNMAS)

[big-yank]

I posted an analysis on YMB this morning comparing the same question as it applies to FNMAS vs. FNMA. Fannie has returned a lot more to Treasury under Amendment 3 than has Freddie. It actually correlates to much of the conversation we had a week ago about bailout totals and repayments by the GSEs. I am looking beyond simple redemption or liquidation value and also considering some eventual form of litigation settlement.