Existing $FNMA will end up with ~4% equity once the Warrants are exercised and the Capital Raises complete.
It's still a Good Deal for $FNMA Commons considering they did nothing but ride the coattails of Jr. Preferreds and complain the whole time.
Thankfully, we're nearing the end of this and everyone will be shown the light that many have seen for years -- and no, it's not $50+ $FNMA (pending Reverse Splits).