### Comment:
I’m like you. I have 85% fnf common and then Freddie preferreds. 
  
 Are the preferreds a bad play now due to less upside from here? 
  
 Commons a safer player from a max pps standpoint?

### REPLY:
Well preferred will get paid in the event of liquidation whatever is left after liabilities, and common would be whatever is left after the preferred, so it’s technically a bit safer, and we know that the preferred cash out at par if the commons get anything.

### END.