Fannie Mae-No Politics (FNMA)

[tcj]

I think you provide some of the best analysis on this board. What's your opinion regarding Perry appeal if you had to put a % on affirm, remand or reverse?

Also, what do you think about this strategy? I hold a large position in common with a small position in FNMAS basically as a potential hedge on the common. If remand or reverse, which seems like a high probability, I plan to sell the common on the pop and convert over to 100% FNMAS. I see an initial higher increase in pps on the common vs FNMAS.

Thanks