Fannie Mae Preferred S (FNMAS)

[44centsAKAchoccake]

[De Marco has not raised the g-fees higher sooner]

Freddie Mac
3Q 2011 20.3 bp
3Q 2012 26.5 bp
That's a 30 jump.

Also worth noting that the new book of business has, so far, had very low serious delinquency rates.

From a risk/reward standpoint, given good new book of business, 26.5 bp seems relatively reasonable.