Fannie Mae-No Politics (FNMA)

[nats1]

I am sorry my post confused you. My reference to Nomura was only in regard to their observation that dividends may be some time down the road - nothing to do with a conversion rate. My point is that my sense is the holders of even the high rate preferred aren't really buying to get big dividends.

On the other hand - I plan on holding all my GSEs - realizing that I am not going to get the big time rates in some of these preferred as I am assuming they will be converted but that the commons will eventually pay a utility-like return - and hopefully significant appreciation between now and then on my common.

Nats