Fannie Mae-No Politics (FNMA)

[Wise Man]

Your JPS valuation is to claim:"anti dilution protection", which is laughable since it forms part of the Net Worth and currently the JPS are worthless with only $118B Net Worth, but $310B SPS outstanding, including the ones absent from the Balance Sheets.
So, 100% dilution. That is, wiped out.
Mnuchin is a bond guy and he was thinking of a debt restructuring.
The SPS would need a haircut.
Both measures boost the common stock price.

Watch the chart in my signature image below, with the evolution of the Net Worth in Freddie Mac (SPS + JPS + Common Equity) during Conservatorship and when the Cs and JPS started to have some value, under the Separate Account plan, which is the same chart as a normal Conservatorship.

Then, you'll get the par value for your stock because that's the stock's fair value today.
Fair Value calculated using a 6% discount rate to the moment that it's estimated Fannie Mae should have resumed the dividend payments under the Table 8 (Payout ratio) of the Capital Rule, as seen in this chart: