The most sensible action is no action until the corporations are fully capitalized. At that point, the corporations can begin redemption of the higher coupon preferred.
makes no sense to have all of these various pref issues outstanding post recap ... the structure will be much simpler
How do you think the really low-div series will be dealt with? Freddie has several series that would pay dividends well under 1% of par value if divs were to be turned back on right now. Example: FMCCM, $50 par, $0.19 divs per year.
The fact that the market prices it at $8.25 right now, while higher-div series are mostly between $9 and $10, tells me that the dividends might not matter as much as I once thought. Someone paying $8.25 for FMCCM is doing so almost solely for the place in the capital structure given the tiny dividend.