the companies are retaining earnings, pending an equity restructuring.
i don't know when you say PPS if you refer to $FNMA or $FNMAS.
frankly, $FNMAS is down quite a bit more than that i would think.. and it is down so much that compared to $FNMA it is difficult for me to understand why anyone would own $FNMA when they can own $FNMAS at these prices...
but yes, the capital requirements currently are very high. and yes, the SPSPA liquidation preference continues to increase 1:1 with earnings.. and both that and the NWS prevent the companies from being able to access capital markets and raise private equity.. but once that is restructured and the lawsuits are settled the companies will be attractive to new money.
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