Fannie Mae-No Politics (FNMA)

[Donotunderstand]

I believe - with reasons from years ago - but leave me now

HERE - because the Senior Paper (Preferred Shares) never change in "price" or quantity - i.e. do not trade

THUS - the GOV needs a way to add to the original obligation for the IOUs that are written each quarter and any other obligation of F and F to TREASURY

SO the LP is > the "equity value" of the SP and is the amount the Treasury believes it would take to buy out the SP

some one want to show me where that is wrong?