You just have to hope that FnF commons don't become another Valeant long or Herbalife short disaster story. Ackman has a history of huge winners and huge losers. Don't complain if you end up in the latter camp.
The "Gold" here is $8 per share, max. There are too many dilutive forces arrayed against the commons to get any more than that.
Calabria's inclusion of a separate CET1 capital standard is a huge tell. It means that the re-IPO will be mostly if not all commons, and that the juniors are highly likely to be offered a conversion.
Some like investing in bankrupt companies. Unfortunately once a stock is delisted it has little to no (FNMA) worth .Since the delisting here this one hasn’t recovered in 12 years . The market is currently recovering from a crash from 2 months ago and poor Fannie is getting left in the dust AGAIN !