Fannie Mae-No Politics (FNMA)

[kthomp19]

I thought Pershing already owned 9.9% of the FNMA, FMCC commons, meaning they can't buy any more without triggering a poison pill or something.

The letter also mentions that the government can exercise the warrant to get even more money as a positive (a reason for reform to get done).

These two things lead me to speculate that Pershing actually recently built a position in the preferreds. Likely the more liquid, higher dividend versions like FNMAT, FNMAS, FNMAJ, FMCKJ because those seem to be preferred (ha!) by the institutional investors involved here.