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  "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
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      "kind": "callout",
      "text": "We believe the narrative around Treasury potentially “converting” its Senior Preferred Stock (“SPS”) into common stock is flawed",
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      "text": "We are confident that an SPS conversion would result in Treasury’s stakes in Fannie and Freddie being worth substantially less",
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      "text": "Treasury already owns 79.9% of both companies; Mathematically, this claim on the GSEs' earnings can only increase by 25%. An attempt to convert the SPS into common would invite new litigation; Precludes any new private capital raise; Would delay a conservatorship exit. In the unlikely scenario that a re-IPO and exit from conservatorship were possible, an SPS conversion would severely impact the GSEs' valuation; Investors would either assign a very low valuation multiple or choose not to invest.",
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