Fannie Mae-No Politics (FNMA)

[Potty]

I agree about pref having more upside, and common more downside, than many of us thought

If pref coverts, then pref has all upside of common PLUS gain in reverting to par (150%?) before that

On common side, this really could be crazy dilution after JPS conversion, partial SPS butt conversion (what is left after overpayment return), warrants and SPO. I am surprised you get to common at $6

But we will see, I hope in 2020 but who knows? Sad thing is Mnuchin might, but Calabria may not