Fannie Mae-No Politics (FNMA)

[jeddiemack]

Yes,

Eventtually the few billion of jps have to be dealt with. Probably they will be redeemed at 105% of par or something like that or be given an opportunity to convert at around 1 - 4 ratio (1 common for 4 $25 par preferred) which will be a 20% premium over fair value. Sot the prefs' will jump at it.

But, really the jps are truly just a nuisance to the capital structure overall.

What 17Billion face or abouts on $300 Billion FV

About less then 5%...