Fannie Mae-No Politics (FNMA)

[kthomp19]

JPS, as all preferred, are capped under contract.

There is nothing in the contract that states this. Here's a link to the FNMAS circular. If what you claim is true, it should be in there somewhere.

FNMAS traded above par before conservatorship, and with a conversion to commons the juniors' par "ceiling" is removed entirely. Calabria put that on the table and nobody has removed it as of yet.