Fannie Mae-No Politics (FNMA)

[bradford86]

It has to do with the jps place in the capital structure which is higher priority than commons and has anti-dilution provisions.

The common shares in my view given the cbo report are not necessarily vanquished. The spspa face value was paid, not the liq pref — so my view is retaining earnings since 2019 may actually be decreasing the odds of them being completely destroyed in a spspa monetization