Fannie Mae-No Politics (FNMA)

[nats1]

I don't disagree with the conversion... but bro you really gotta swap out of those low interest ones and get into the higher interest ones.

I would say that all of the JPS most likely will receive a haircut

https://home.treasury.gov/system/files/221/Tentative-Auction-Schedule.pdf

First off - nothing is going to happen until all these lawsuits get further along. We will see.

I know this was brought up before, but its possible that, whether redeemed or converted, there is an excellent chance that all rates get treated equally as the variable rate JPS that are below a 4% floor represent only something like 8% of the total par value of JPS. I have a mix of rates, but the longer this goes on, the more I am convinced the rate does not matter. But I am standing pat with what I have both common and JPS.

Nats