Fannie Mae-No Politics (FNMA)

[Louie_Louie]

I think you're going to be highly disappointed at release. I think at release commons will immediately realize gains, while the JPS languish until a dividend is realized. Based on stress tests, we are over capped, each quarter we gain more capital. To facilitate an uncomplicated release, they will restore us as we were, except possibly keeping a position for awhile which gives them voting control, that would mean canceling the seniors and keeping some of the warrant shares if they move on the warrants, this would bring law suits, so not best option. Second would be canceling warrants and most of the seniors, but converting seniors to commons so they have control of the BOD for awhile (commons have the power of the vote, means more than a dividend/liquidation contract in this since IT'S NOT A BANKRUPTCY ). They will want control after release, so commons is how you do it, or they could say they are converting the seniors to a special class of commons. Either way, they'll have power to control staffing the BOD choices AND dividends. How can they do this? Because they can! What could JPS do if they are left as is? Nottadamthing.