Fannie Mae Preferred S (FNMAS)

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The $117 b isn't debt, its senior preferred stock. Yes, its true that in a formal sense the dividends to Tsy aren't principal repayment. And yet, in terms of "net investment," i.e., draws less dividend payments, net investment will soon be down to zero or less.

Q: Does that change things in terms of the political/financial situation for our preferreds.

A: Yes, it does. It seems reasonable to expect that once net investment is down to zero, our dividends will be restored.