Fannie Mae (FNMA)

[JOoa0ky]

confused - (not unusual for me)

I do not think the % suggested --- say 90% to senior 9% to JPS an 1% to common is just in one case -- any one case

That is the poster's math for a SPS conversion -- where JPS is also converted but at FACE of $25 or $50 and then common

??

Another way to think of this is who is bringing in "new capital".

Money raised from IPO is from new investors so these new kids will not get penalized.

Converting the JPS also brings in "quasi-new" capital, 33B.

What do commons bring? Zilch, jack-squat. That is why they get diluted to oblivion.