Fannie Mae Preferred S (FNMAS)

[KylieM]

I'm not sure whether you are directly answering my questions and I don't know what you're getting at.

I reckon that because of the highlighted/ bold point of yours, it's little to no chance to have 100% MBS supported by private market. But what about a Sallie Mae scenario where a new entity had been set up from scratch and then transferred all interests and liabilities of the old company to the new one? As far as I know the shareholders got 1:1 for the shares of the new company. And the pps increased like over 10 times in 10 years.