FNMAS is being heavily manipulated and accumulated imo. There ZERO reason for it be trading lower than FNMAT. Both are $25 coupons if Fannie is left intact. They are equal to other preferred's and rank ahead of commons in liquidation.
Thursday I had bids 2-3 cents above the "ask" and they weren't filling. My broker never misses a beat and for 20 years has been INSTANT on bids at the "ask". That leads me to believe there was a line covering and accumulating.
"Serious delinquencies (at least 3 payments behind) in Freddie's (FMCC) single-family mortgage portfolio fell below 2% for the first time in 6 years in August, just-released data show, as it and sibling Fannie (FNMA) continue to see their holdings' credit quality improve. The rate fell to 1.98% from 2.02% in July and 2.64% in August 2013 after peaking after the financial crisis above 4%. Delinquencies topped 5% at FNMA, and its drop has been even starker as it too fell below 2% for August at 1.99%, the mortgage financier said earlier this week. Amid the falling delinquencies, the firms have been able to send billions of dollars a quarter of late to the federal government ."
Harder and harder to justify winding anything down with ever improving numbers.