Fannie Mae-No Politics (FNMA)

[5bagger]

Long held view that govt. will use warrants and cancel SPS

Like TH. That does maximize their investment - when you do the math. Also, it is the most legal of the convert SPS, cancel Warrants, as example.

Warrants have been there for 15 years. SPS is made up and never had a conversion feature.

So, how many shares will it take for a $25 JPS to convert? A $50?

My guess is 2 or 3 for 25 and 4 to 6 for a 50.

Warrants and a conversion... that prices the commons to be $6 to $9 or so. About right.