Replies to post #751644 on Fannie Mae-No Politics (FNMA)

[Ace Trader]

If and when Congress acts and changes this before SCOTUS makes a opinion 1st Q 2024 then congress has until then to make the changes. That would mean they would have to do the conversions this year and before the changes to there structures ? correct ?

https://www.law.cornell.edu/uscode/text/12/4612

So that would mean converting both SPSA AND JPS. But ! JPS would have to agrees to any conversion correct ?

Congress couldn't do the conversion after making the structures as that would be against the law (self serving) ?

1) They believe writing down the senior preferred balance is ILLEGAL,
2) They believe the most workable solution is to convert the senior preferred and jr preferred to new common shares on an equal basis. This would leave very little for legacy common holders unfortunately.

[Ace Trader]

What happens to the Warrants ?

If the SPSA and JPS are on the same Par then what must that par be $$$ wise or share wise is anyones guess ? And any idea what the A/S would be after the conversion?

Your talking about $25 par JPS and $50 JPS so would that mean $50 pars would be x 2 of $25 pars ???

Any in out from you would be greatly appreciated Thankyou !

[Donotunderstand]

thank you

that is interesting - and Calabria has his logic I am sure

where I sit - it is hard -- impossible - to know if JPS is closer to SR (like he suggests) or to common

Again - I have moved mostly to JPS ---- yet I do not believe that affords MAJOR security or help --- but it might