Fannie Mae Preferred S (FNMAS)

[jwnoble3]

1. Do you think that GSE reform will happen by year-end, as the politicians keep claiming? No

2. Will GSE preferred stockholders receive full redemption value?
Tender offer 40-90% or full value w/divi resumption

3. Is the outcome for GSE reform already determined?
No

4. Will Fannie and Freddie be merged?
No (creates one VERY large TBTF and no competition)

5. Will one of the GSEs exit Conservatorship before the other?
Likely Yes, I think whoever is net zero first.