Fannie Mae-No Politics (FNMA)

[5bagger]

Conversion ratios by Familymang is the super-dilution scenario

Based on Calabria.

Could be, but there are quite a few unanswered questions:

Would there be merger?
What is the PSPA amount (187,215, 250) being converted?
Does JPS take a haircut?
How big is the pie?

When you add up the Common = Total - SPS - JPS you might end up with $1B or less, $10B or $20B.

Familymang is convinced it is $1B or less.

It certainly will not be $20B or more, so the dreams of $20+ PPS are clearly not in the cards.

This is a lot of back-of-the-envelope, for sure.