Fannie Mae-No Politics (FNMA)

[imbellish]

Personally I sized in when Berko was tax loss selling and sold half for 150%. Still at 80% commons 20% preferred.

In my opinion this is not a typical restructuring. This is highly regulated capital. Look to entities like Utilities in CA - the state has temporarily waived capital requirements so the companies can pay off wildfire litigation liabilities, for example. It's all about the ultimate stability of operations. If all the lawsuits are fruitless 2028 release not off the table.