Fannie Mae-No Politics (FNMA)

[The Man With No Name]

There won't be any back dividends on non-cumulative preferreds. That's what 'non-cumulative' means.

But I'd be happy with face on my $25s or $50s. Or even a reasonable haircut.

A haircut of JPS doesn't bode well for commons though.

So whenever you bash JPS just remember you're basically zeroing commons.

That's reality.

JPS have 12-13x upside from here. Does anyone honestly think commons have that kind of upside? 18 bucks? really?