Hi Ollie - FNMAT should be paying 8.75% or $ 2.1875 per annum since it has a liquidation value of $ 25 per share. Fannie does not have to pay dividends on FNMAT until it starts paying dividends on common. Fannie has the right to redeem FNMAT at $ 25 per share. The JPS shareholders and FMCC won damages in the Fairholme/Lamberth decision so I think FNMAT is due around another $ 2 per share which is earning interest, but this award could be overturned by the DC Circuit Ct of Appeals next year. Berkeley Insurance Group appealed the damages around and is asking for interest from 2008 to the current date which could be worth about $ 25 but this is highly unlikely that the Court will award this. My hunch is that this suit will be settled for a right of the FNMAT and other JPS shareholders to convert on some historical average price of FNMA common. Here is the Prospectus for FNMAT - I purchased shares for my wife's IRA on the new issue via JPM and have held them since May 2018.
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