Fannie Mae-No Politics (FNMA)

[rosen62]

For what is worth total issuance outstanding for both GSEs of Jr. preferred shares is 34.73 billion (June 2010).

Source: Board of Governors of the Federal Reserve System - International Finance Discussion Papers / IFDP 1045 - March 2012

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Some more feedback, if I may... New commons will be "pari-passu". However, the paper speaks of dividends attributable to new equity capital, which is roughly 1/3 of total equity (17.3 VS 52+/-). Is Berokwitz saying that the dividends that correpond to profits emanating from the 17.3 will be split among the whole universe of commons (converted + rights) or will simply go to the commons exercised via rights?

Because of the pari-passu term it appears ALL commons will have immediate dividend but only from 1/3 of profits for the restricted period in which restricted capital will not derive dividends. Is this your understanding too?

Thank you for bouncing back.