Fannie Mae-No Politics (FNMA)

[HoldenWalker99]

I don't know why Q4 liquidity is something that impacts GSE preferred on an annual basis. Coincidence? It's discussed here but with little context:

Fannie Preferred Stock Q4 Liquidity Events

2019-20: ?
2018-19: +168%
2017-18: +68%
2016-17: +265%
2015-16: +66%
2014-15: +79%

*Federal National Mortgage Association, Bloomberg data from Q4 capitulation lows to Q1 - Q2 relief rally highs.

Special thanks to @ACGAnalytics pic.twitter.com/xkjuoagkcI

— Lawrence McDonald (@Convertbond) November 17, 2019

We do know that, this year, redemptions and impact from PCG, I, etc. are requiring some funds to liquidate winning GSE preferred positions. It happens. Happened materially to Bruce Berkowitcz.