Fannie Mae-No Politics (FNMA)

[Commons_Cancelled]

With Administrative Reform (aka The Mnuchin Dilution Solution) looking like the most likely outcome, most people want to be in Preferreds. Preferreds benefit the most in an Administrative Resolution, and Commons could certainly get shafted via the Warrants being exercised (which seems guaranteed at this point) as well as the excessive dilution to raise capital levels.

Rotating out of Commons and into Preferreds is the best bet you can make if you assume there will be Administrative Reform rather than Legislative Reform.