The SEC report indicates he owns 9.98% in fnma still, and effectively has an option contract to buy another 15million through next year April for $3.53.
He hasn't increased his stake, he did something smarter. Since he legally still owns only 9.98%, he can legally ditch it all if things get nasty.
However, if things get good he can buy more on a low contract price and effectively have 12%~
I am not sure why they say more than 11%... could easily say 12% in fnma though maybe fmcc he only has like 11.25% or something.
Be well,
-zargis
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