Fannie Mae-No Politics (FNMA)

[Louie_Louie]

Nope... Government can and will keep a stake for awhile, whether consent decree or release. Release meaning they relist us and a few other things like stop vilifying us. JPS will be able to sit and watch it unfold.
You underestimate the government and what you think they can and can't do. JPS has no dictate rights in this, at release government absolutely knows shareholders first priority will be to get them the hell out the door, therefore they will opt for control. Control is in commons, not JPS. Controlling the voting and the BOD there's a world of stuff they could do that JPS may not like. They know commons will be the preeminent way to get the shares higher, thereby more capital on hand. JPS are a debt when push comes to shove, you have a dividend and liquidation right, nothing else. If they keep dividends off for a period, that's more capital, stronger path. BUT commons will climb, and then even more when government fully leaves.

Capital is at a point, where if I was fully JPS, I'd worry on thesis unless you are holding for the dividend years down the road, like I am. Why else has there been a steady move out of JPS? The cram down gazillion share recap fulcrum security recap plan has always been futile ever since they said they would begin allowing capital to build. "allow capital to build", read and understand that and then pay specific attention to what that capital number is now being stated as needing to be by involved parties. It's not rocket science to figure out from there that no special privileges will be afforded to any share class, but only market mechanics will drive things, like before. Albeit a bit differently while government hangs on, but later.... tremendously!