Fannie Mae-No Politics (FNMA)

[Wise Man]

A refund to FnF by the Treasury has no financial impact on the Junior Preferred Stocks. It's only the fact that FnF will become Adequately Capitalized sooner and thus, FnF resume the dividend payments on the JPS (and common stocks) and that's when the JPS recoup their par-value.
But the amount of the refund is only the shareholders' money, as a common stock represents an aliquot portion of the enterprises' value.
Therefore, you'd better hold common stocks if you bet on a refund.