Fannie Mae-No Politics (FNMA)

[Donotunderstand]

No one yet has shown me language in the governing documents for the junior preferred issues that stops the FHFA/F/F from converting them in some TBD ratio to common

That challenge has been out there a few weeks

Until it is clear and fact that "issuer" can not at their discretion convert preferred to common - there is no added protection for preferred as they are common in a different form

We saw the GOV force conversion of Citibank preferred issues to common - it is doable