Fannie Mae Preferred S (FNMAS)

[Joe Stocks]

But, note the our preferreds went down 70% on August 17th, 2012 as a result of (in my view) a minunderstanding about actions taken by Tsy and FHFA.

I don't think there was a misunderstanding. On Aug 17th the treasury basically took a step that one would only see if FnF were nationalized. I think most investors are concerned that now that FnF are now turning some profits, that some kind of plan was not introduced to take those profits and start buying back Senior preferreds. I think the actions taken on the 17th were a step away from from restoring shareholder rights. After 4 years I can see why some would be discouraged and sell out.

I see no misunderstanding. Can you tell me where you see it?