Agreed! Converting JPS to Commons adds $33 Billion to CET1 which helps significantly and it basically costs the GSEs nothing -- besides the dilution to existing $FNMA Commons, which we knew was going to happen anyway!
Thankfully, the FHFA and Calabria have stepped into the BOD's shoes and owe no fiduciary duty to shareholders. So any decision they make will be absolute and Commons will have no vote/say.
The Jr. Preferred Choo Choo Train is going to leave the Polar Express in the dust. The market is already starting to figure this out ;-)
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