Fannie Mae Preferred S (FNMAS)

[NobodyFromNowhere]

Pershing Square cant pay for losses on total return swaps this quarter end

Therefore, hedging firm will be selling their holdings. I think it is around 40 million common shares.

Pershing may also sell fannie and freddie in order to make the payment.

I expect him to move down to a 5 to 10% ownership.

Total selling pressure on common shares of 340 million shares of FNMA and FMCC.