Fannie Mae-No Politics (FNMA)

[kthomp19]

Ackman knew about Corker rewriting his GSE bill. That explains his recent praise for Corker, as well as him adding to his F&F positions. Remember, he has said WITH warrants and stock dilution that he sees this as a sub $20 stock IIRC.

By 'commons not faring as well', I think the author just means preferred are made whole, while commons aren't. It's an ambiguous comment, open to interpretation.

Ackman's price target was with warrants but without considering the dilution of an equity raise to build capital.

"Made whole" has many interpretations, but at least with the junior preferreds there is the stated value in a contract that seems to matter to some major players. The commons have no number to peg to though.