Fannie Mae-No Politics (FNMA)

[Donotunderstand]

I am not an accountant

I would think the SPS as equity is in capital !! - so how does shifting it from Senior to common do anything

e.g. if JPS are exchanged for common there is no added capital - I think - in normal accounting

Does such conversion dilute common - yes (not a lot)

Does such conversion open up JPS as another way to approach market - yes

But none of that is of large enough size

Now
Now
Exercise WTS and sell resultant new shares - that raises for GOV 70-100B and for FHFA or F and F --- ??? (as money likely goes to Treasury but likely can be appropriated to F and F)