Fannie Mae-No Politics (FNMA)

[imbellish]

I don't know your age; I assume it is older. I'm in my early 30s thus my maxim leans heavily to risk. Yes age is relevant but I respect my elders.
If this were any significant portion of my retirement capital in my golden years I'd probably structure the trade the same way you have.
The potential upside on the commons is a risk I felt, after mucho deliberation, I cannot afford not to take - pardon the double negative.
Commons zero, prefs pull to par, I more double my principal. Call it a kitty if you want - because I know it's a gamble. Any other scenario is life-changing upside. And then I move on and never have the need to post on this god-forsaken board again.

Also, thanks for your reply. Always curious to see how folks are positioned.