Fannie Mae-No Politics (FNMA)

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I took that as meaning the group of hedge funds who currently hold preferred shares would convert those shares to cash and collectively pool their money together to provide common equity for acquisition of FnF platform.

I would then imagine they would have to do an IPO for the 2 newly created entities.

All in my opinion. Somebody more versed in business transactions probably has a more comprehensive understanding. Comments and insight are welcome.