Fannie Mae Preferred S (FNMAS)

[5bagger]

CSP is probably years away

1. FNF could re-securitize their assets, freeing up capital, yes.
2. David Min from California spoke about the light work done, thus far. It has been on the agenda for the companies, and they have office space (as of his testimony). It's just a shell.

3. The change-in-ownership rule is a valid question. Smart people keep an eye on it, and Ackman probably is smart on his end.

Also, the 80% warrants have existed prior to the massive DTA being booked. There would not be a change in ownership with the issuance / exercise, since they have been included in the share-count since 2008. That would be my take.