Fannie Mae (FNMA)

[Potty]

Guido, I can see three things that conversion of JPS achieves (but I hope others add to the list):

First, conversion can be offered as part of a settlement to get JPS plaintiffs to end their lawsuits in Lamberth etc;

Second, converting JPS to common moves capital to the bucket in capital rule which includes common (CETI1?), hence reducing amount of new common needed to be issued;

Third, it facilitates issuing new securities since new pref don't have any pref ahead of them in the capital structure, and/or new common don;t have pref ahead of them in the capital structure, hence making them more attractive to investors.

There may be other reasons...