Fannie Mae-No Politics (FNMA)

[Here I am]

Don't you get that FnF are retaining earnings from day one? So, the day that the JPS resume the dividend payments is because FnF are Adequately Capitalized, which means that the common stocks would trade at a PER of 13 times.
But if this plan is made public, the common stocks trade at PER 13 times TODAY, while the JPS would trade as a discount note awaiting the dividends to be restored.

What's the warning?

The warning is that you will be stuck with a Discount Note + stock overhang + playing in the hedge funds' playground (60% of par), and miss a PER of 13 times in the common stocks.
You've been warned.