Replies to post #530831 on Fannie Mae (FNMA)

[cooler_heads]

Good question? Do they have voting rights? Do they have to agree?

[camaro4me]

Possibly the new preferred series would have cumulative dividends, unlike the existing JPS today which are non-cum. FnF do not have to pay existing Preferred holders back dividends.

Why would FNMAS, FMCKJ and FNMAT holders, for example, which make up about 1/2 of all outstanding JPS series, agree to convert to a JPS series at a lower coupon?