Fannie Mae-No Politics (FNMA)

[Commons_Cancelled]

CET-1 Capital is defined by Common equity and this is the most important factor for the GSE's release from Conservatorship.

Converting ~$33B in JPS to Commons adds $33B to CET-1. That's how it improves the capital position of each GSE.

No Conversion means the GSEs will need to sell an additional $33B in Common shares to make up for the CET-1 shortfall.