Fannie Mae-No Politics (FNMA)

[bradford86]

Converting spspa does not mean necessarily that they destroy common down to a nickel. They can set up their conversion terms however they want. They could set it up to basically set the price where it is currently at, for example, if they believe driving them down negatively impacts their ability to raise capital. They have all the cards and will do their best to maximize the value of their post restructured equity stake