Currently FNMA is in conservatorship. FNMA is paying them back so hopefully the govt doesn't excercise the 80% ownership of common stock. If that happens the current common stock will be worth 20%. Hopefully govt takes the pay off and does the right thing! But this deal was written so sideways who knows what will be the outcome. FnF was made to all the bad mortgages in the US and then the govt bailed them out. Now FnF are flush and turning profits at record numbers. But the govt gets all the goods. If they let it out of conservatorship with no strings that will be good. But govt is greedy and they might see it as a cash cow and try to milk it till the Supreme Court steps in! Too much doubt to throw all the eggs in one basket but with the pumpers trying to boost the numbers the commons USA great short term trade. Just parallel this withpreferreds and realize commons can't out pace preferreds on the long term! But hey whee else can you make 30% a day while its trending up.
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