bcde Monday, 10/07/19 06:10:08 PM Re: Golfbum22 post# 568656 Post # of 587965 "Why do preferred have to convert to common as part of settlement? Tia" There are no valid reasons to convert JPS to CS. Since JPS are non-cumulative, FnF can continue to build their capital with retained earnings without paying any dividends even with NWS canceled. JPS holders have no leverage on getting dividends paid until FnF meet FHFA capital requirements. Also FnF can buy back JPS at deep discount from markets instead of redeeming at par value. Once FnF are out of conservatorship, FnF management is required to do this as matter of sound business practice.