Fannie Mae Preferred S (FNMAS)

[Donotunderstand]

I can see the GOV doing some sort of wind down

Not sure how legal that is - seems strange

Re the PFDs -

That seems straightforward to me

Restrict FNMA to certain markets by dollar or ?
Require a bunch of capital
Announce IPO of 4Billion shares
Exercise warrant
Do the IPO

Assume value of 50 Billion = 10 a share

that is my best outcome scenario
worst scenario - zero