Fannie Mae-No Politics (FNMA)

[bcde]

"What's the difference between Monday and Tuesday, if any? Well, I see two separate things he's discussing. External capital raise/go to market (Monday quotes) and internal capital raise (Tuesday quote)... and I think that's what he was referencing on Tuesday, the internal raise. It makes sense that an internal raise would correspond with heavy dilution. In other words, I fully expect junior preferred shares to be converted into common, warrants exercised to skyrocket the share count, etc."

Converting JPS does affect capital. JPS and CS are in the same capital category. SPS is a non-core capital has been mis-categorization as equity so as to rob FnF with NWS.