Fannie Mae Preferred S (FNMAS)

[rosen62]

I don't want to put words in your mouth but I think you are implying that as soon as FnF have retained earnings they will be able to start paying a dividend to the preferreds.

Yes, I said this. That as soon as there are retained earnings a dividend is technically possible. However, because dividends are discretionary and while in conservatorship the Conservator is the BOD there is a chance that Mel Watt may use them for other purposes, say repay the Srs. if they can implement a way to do so.