Fannie Mae (FNMA)

[Commons_Cancelled]

Preferreds aren't down 50% YTD like Commons are. OUCH! That must hurt.

In fact, the Preferred to Common ratio is increasing each week (sometimes each day!). That should be a BIG concern for Commons shareholders as the Conversion from Preferred to Commons increases as the Common price continues its downward spiral towards sub-$1.

Brace yourselves, Moelis is coming. And it's going to be worse than Winter for Common shareholders.

#GetYourShovels