Fannie Mae-No Politics (FNMA)

[Commons_Cancelled]

Too many JPS Series to list them all. Which is likely why there's going to be a large-scale Jr. Preferred to Common Conversion coming.

There's no reason for the GSEs to have 30 different JPS Series.

They will Convert and issue a few new Series of JPS in the future.

But the large majority (95%) of the capital raises will come from Common shares.

Sorry amigo, but that Massive Dilution that Calabria referenced is coming!