Fannie Mae-No Politics (FNMA)

[Donotunderstand]

?

hhmm

5 a share target

and GOV to issue out the warrants over time (or exercise and sell over time)

note the GOV - at current ratio of 4:1 has 5B shares

if Gov is to raise 54 B (their number not mine) ---- then they are selling at an average of 10 a share ?

(not sure of any of this math --- as I do not know # of shares foreseen to be issued and did not do the math that takes the GOV share from 80% (today if it wishes?) to 33% ----- too much algebra for now

But that 54 B sticks out as the number of shares is likely 5B as it is now

And what does it mean - to some one like me who is 50-50 common and JPS that JPS would convert "at offering price" ? I can only assume it is straight math (maybe in their report) that a 25 JPS will say get two shares of common if offered at 12.50 etc.

This report - today and maybe known yesterday IMO is what is behind the rise in PPS above the floating zone of 3 to 3.1

Just thinking aloud and counting money as my target PPS to get another small amount of core sold has not hit (I missed in AM)