Fannie Mae-No Politics (FNMA)

[Commons_Cancelled]

If there are multiple capital raises after all, the juniors will either be converted to commons prior to the first one or will have their dividends turned back on when the first one is complete, so the juniors win either way. And if the capital raises are big enough in aggregate size and/or stretch out too far then the juniors will most likely outperform the commons even if there is no conversion.

Exceptional FNMA Facts that should be stickied!

The market is still doubting this, but the first sound Commons will hear is their heads hitting the floor when the Jr. Preferred Conversion is announced.