Fannie Mae-No Politics (FNMA)

[FOFreddie]

Hi Com Cancel,

Arent you proposing this? Convert existing JPS to Common and then new issue of common, Convert preferred and new JPS? The new JPS will likely have a 4 to 5% dividend yield which is slightly lower than weighted average of current JPS.

I think what you are saying is that you want to have a favorable conversion ratio and then you will be ok with a market JPS dividend which is probaly around 4.5 to 5.5?

Doesnt this make sense since a 5% dividend for the JPS is better than a 10 PE for common?