Fannie Mae-No Politics (FNMA)

[Louie_Louie]

Here's a lesson on GSE Con-servatorship capital structure:
Not the same as you would think with conservatorship free companies

Government #1
Bogus back stop of...
SPSPA
Warrants
* and whatever else they want to steal because the law and courts say so....so far

GSE's #2
Capital built
The ability to change capital structure as needed to build enough capital. This will be heavily inlfluenced by a BOD who is hand picked by government, also possibly by common shareholders if released and rights restored.
BTW! JPS GET NO DIVIDEND TURN ON UNLESS COMMONS DO, FOR THESE TO HAPPEN, RIGHTS WOULD NEED TO BE RESTORED, SUCH AS VOTING.

Shareholders #3
Commons and prefs

If you understand this, then you realize everyone in #3 is in the same boat, regardless of what others may be (mis) directing. This is the capital structure that's been in place for years now. Clear as day.