Fannie Mae-No Politics (FNMA)

[HoldenWalker99]

Preferred worth 50% of par TODAY if dividends resume in 10 YEARS (discounted 7%, assuming preferred shares go to par in 10 years and dividends resume, does not include impact of future dividends).

150% upside TODAY in the worst positive outcome scenario. Obviously worth $0 in negative outcome scenario. Other positive outcome scenarios include return to par value sooner, favorable conversion to common or preferred shares called and replaced.