Obviously you've confused $FNMA~ COMMON OWNERSHIP SHARES of the highly profitable Fannie Mae with FNMAS, the worthless expired preferred contracts headed to zero because the tents on fire and the audience is running for the exit... http://www.stockcharts.com/h-sc/ui?s=FNMAS&p=D&b=5&g=0&id=p97182117874
You saying Berkovitz is doing his own conversion? Good.
I got a call from Carl. He's been adding to his FNMA & FMCC positions. He mentioned that he is also buying oil at these distressed prices. But he won't touch Fannie or Freddie preferreds. What's the point?
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