Fannie Mae-No Politics (FNMA)

[navycmdr]

Read the Pershing Square Transcript (on GSEs) ...

Quote: William ACKMAN

So many distressed investors always lean toward owning kind of senior

securities, I think have begun recognized that the upside here all the

residual benefit will inure to the benefit of the common stockholders.

And we believe that some of the very large holders of preferred

have now been buying common and may even be selling off some of

their preferred stock in order to acquire the common,

which we think offers a more attractive risk-reward and

better outcome in almost every circumstance.