Thanks. At the time I bought the preferred shares (about 2 years ago), I was looking for the ones that were the most discounted to their par value. Since then, I have just held them and haven't been concerned with the dividend ratio or anything like that. I don't trade them, I'm holding until they reach par value or close to it. I have small positions in FNMAS & FNMAT, if/when they get par I will sell those first just to fund my retirement expenses and keep the other series for the dividends. Hopefully the commons will get dividends relatively soon, and I will hold them and live off the dividends. Just my strategy, your mileage may vary.
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