Fannie Mae-No Politics (FNMA)

[M I A]

What is the importance of December 7th? I understand the certification date, and if you hold prior you are automatically in unless you opt out or sell.

But..

What if you bought FNMA PREFERRED, FMCC PREFERRED, and/ or FMCC COMMONS after December 7th?

Wouldn't the rights transfer to the new owner?

Thanks for any clarification