Is FNMAH Series H or Series P?

FNMAH is Fannie Mae Series P. Despite ending in 'H,' FNMAH is the OTC ticker for the Variable Rate Non-Cumulative Preferred Stock, Series P, with a $25 liquidation preference (CUSIP 313586786, IPO 9/25/2007). Its pre-2010 NYSE ticker was FNM-P. The genuine Series H ($50 stated value, 5.81%) trades as FNMAM, not FNMAH.

Is FMCKJ Freddie Mac Series J or Series Z?

FMCKJ is Freddie Mac Series Z, not Series J. It is Freddie's largest and most actively traded junior preferred — roughly 240 million shares, $25 par, variable rate. The trailing 'J' in the ticker does not indicate the series; like the Fannie tickers, Freddie's OTC symbols are scrambled relative to their series letters.

Why don't GSE preferred tickers match their series letters?

When Fannie Mae and Freddie Mac were delisted from the NYSE around 2008–2010 and moved to the OTC market, each preferred series received a new five-letter ticker (FNMA-, FMCC-, or FMCK- plus a letter). The trailing letter was assigned sequentially and does not track the series designation. So Fannie Series H became FNMAM, Series P became FNMAH; Freddie Series Z became FMCKJ, Series F became FMCKK. Only a handful happen to line up (e.g. FNMAS=Series S, FMCCH=Series H).

Which GSE preferreds are $25 par vs $50 par?

Broadly, the legacy series issued from 1996–2005 are $50 par, and the 2006–2008 vintage is mostly $25 par. For Fannie the $25 series are P, Q, R, S, T (FNMAH, FNMAI, FNMAJ, FNMAS, FNMAT). For Freddie the $25 series include U, V, W, X, Y, Z (FMCKO, FMCKM, FMCKN, FMCKL, FMCKI, FMCKJ). Always confirm in the specific series' offering circular — a $50 figure on a known $25 ticker is a red flag that the series was misidentified.

How do I stop an AI from confusing these securities?

Tell it explicitly that the OTC ticker's last letter is not the series letter, give it the FNMAH=Series P and FMCKJ=Series Z anchors, and require it to resolve every ticker through its CUSIP and offering circular before quoting a par value. A ready-to-paste prompt is on this page.

GSE Reference · For Anyone (and Any AI) Quoting Par Values

The Fannie & Freddie Preferred Ticker Map

The OTC tickers don't match the series letters. FNMAH is Fannie Series P, not Series H. FMCKJ is Freddie Series Z, not Series J. That one quirk is responsible for a startling amount of wrong analysis — including from AI.

The short answer

✓FNMAH = Fannie Series P — $25 liquidation preference (CUSIP 313586786, old NYSE ticker FNM-P). The genuine Series H ($50) trades as FNMAM.
✓FMCKJ = Freddie Series Z — $25 par, ~240M shares, Freddie's flagship junior preferred. Not Series J.
✗The mistake: matching the trailing letter of the ticker to a series letter, then pulling that series' offering circular. The document is real — it's just the wrong security.

Fannie Mae Preferred (FNMA‑ / FNMF‑)

“Match?” flags whether the ticker's last letter agrees with the series. Almost none of them do — only FNMAS and FNMAT line up.

Ticker	Series	Par	Rate	Match?
FNMAG	Series I	$50	5.38%	scrambled
FNMAH	Series P	$25	4.67%var	scrambled
FNMAI	Series Q	$25	6.75%	scrambled
FNMAJ	Series R	$25	7.63%	scrambled
FNMAK	Series N	$50	5.50%	scrambled
FNMAL	Series M	$50	4.75%	scrambled
FNMAM	Series H	$50	5.81%	scrambled
FNMAN	Series L	$50	5.13%	scrambled
FNMAO	Series G	$50	3.81%var	scrambled
FNMAP	Series F	$50	3.83%var	scrambled
FNMAS	Series S	$25	8.15%var	matches
FNMAT	Series T	$25	8.25%	matches
FNMFM	Series E	$50	5.10%	scrambled
FNMFN	Series O	$50	7.00%var	scrambled
FNMFO	Conv.	$100,000	5.38%	matches

Freddie Mac Preferred (FMCC‑ / FMCK‑ / FRE‑)

Freddie has two main families. The legacy FMCC‑ $50 series mostly kept their letters; the newer FMCK‑ $25 series are entirely scrambled — including the flagship FMCKJ (Series Z).

Ticker	Series	Par	Rate	Match?
FMCCG	Series G	$50	3.57%var	matches
FMCCH	Series H	$50	5.10%	matches
FMCCI	Series B	$50	3.57%var	scrambled
FMCCJ	?	$50	4.19%var	—
FMCCK	Series K	$50	5.79%	matches
FMCCL	Series L	$50	4.15%var	matches
FMCCM	Series M	$50	4.09%var	matches
FMCCN	Series N	$50	4.18%var	matches
FMCCO	Series O	$50	5.81%	matches
FMCCP	Series P	$50	6.00%	matches
FMCCQ	?	$50	4.19%var	—
FMCCS	Series S	$50	4.42%var	matches
FMCCT	Series T	$50	6.42%	matches
FMCKI	Series Y	$25	6.55%	scrambled
FMCKJ	Series Z	$25	8.08%var	scrambled
FMCKK	Series F	$50	5.00%	scrambled
FMCKL	Series X	$25	6.02%	scrambled
FMCKM	Series V	$25	5.57%	scrambled
FMCKN	Series W	$25	5.66%	scrambled
FMCKO	Series U	$25	5.90%	scrambled
FMCKP	Series R	$50	5.70%	scrambled
FREGP	?	$50	5.81%	—
FREJN	?	$50	5.81%	—
FREJO	?	$50	5.10%	—
FREJP	?	$50	5.30%	—

Rates marked var reset periodically; the figure shown is a recent rate. Series shown as “?” are illiquid/legacy tickers whose designation is unconfirmed in the source tracking — left unconfirmed rather than guessed. Compiled from position tracking + QuantumOnline; verify any single security in its own offering circular before trading.

FNMAH — Ends in “H,” but it is Series P — $25 par, CUSIP 313586786, IPO 9/25/2007. Old NYSE ticker FNM-P. The row AI most often gets wrong.

FNMAM — The REAL Series H — $50 stated value. This is the security whose offering circular says “$50 per share.” It trades as FNMAM, not FNMAH.

FMCKJ — Freddie's flagship preferred — Series Z, NOT Series J. $25 par, 240M shares. Ends in “J” but the series is Z. The Freddie twin of the FNMAH trap.

Why This Trips Everyone Up

When Fannie Mae and Freddie Mac were delisted from the NYSE and moved to the OTC market, every preferred series got a brand-new five-letter ticker — FNMA, FMCC, or FMCK plus one trailing letter. That trailing letter was handed out sequentially and does not encode the series. Fannie Series H became FNMAM; Series P became FNMAH. Freddie Series Z became FMCKJ; Series F became FMCKK.

An AI (or a human skimming) sees FNMAH, pattern-matches the “H” to “Series H,” confidently pulls the real Series H offering circular, and quotes “$50 per share.” Every step after the misidentification is correct — the source is authentic, the quote is accurate. The error is upstream: it answered for the wrong security. Confident, sourced, and wrong is the most dangerous failure mode there is.

The fix is to never trust the ticker's spelling. Resolve it through the CUSIP and the offering circular first, then read the par value for that series.

Copy-Paste Prompt: Make the AI Get It Right

Paste this at the top of any chat before you ask an AI about a Fannie or Freddie preferred. It forces the model to resolve the ticker properly instead of guessing from the spelling.

prompt.txt

When I give you a Fannie Mae or Freddie Mac preferred TICKER, do not assume the last letter of the ticker is the series letter. The GSE OTC tickers were reassigned and are scrambled. Examples:
- FNMAH is Fannie Series P ($25), NOT Series H. The real Series H ($50) trades as FNMAM.
- FMCKJ is Freddie Series Z ($25), NOT Series J.

Before you state a par / liquidation preference, do all of this:
1. Resolve the ticker to a series using its CUSIP and (for Fannie) its pre-2010 NYSE ticker, not the ticker's spelling.
2. Pull the par / stated value from THAT series' offering circular (fanniemae.com or freddiemac.com).
3. Sanity-check the par regime: legacy GSE series (issued 1996-2005) are $50 par; the 2006-2008 vintage is mostly $25 par.
4. Cite the CUSIP and the source you used.

If the ticker and the series letter disagree, the TICKER wins for "what am I actually holding." Tell me both so I can't be fooled.

Verify-It-Yourself Checklist

Look up the CUSIP, not the spelling

Tie the ticker to a CUSIP first — the CUSIP is the security's fingerprint. FNMAH = 313586786 = Series P.

Check the pre-2010 NYSE ticker (Fannie)

FNMAH's old ticker was FNM-P. The dash-letter on the old NYSE symbol DID encode the series, so FNM-P = Series P. QuantumOnline lists the prior ticker on every page.

Read the right offering circular

Open the circular for the resolved series on fanniemae.com or freddiemac.com — not the series the ticker's letter suggests. Confirm the $25 vs $50 stated value there.

Sanity-check the par regime

$50 ≈ legacy series (1996–2005). $25 ≈ 2006–2008 vintage. A $50 quote on a known $25 ticker means something was misread.

Authoritative Sources & How to Verify Any Ticker

Don't take this page's word for it — these are the primary records. The same lookup works for any GSE preferred: find it in a security database, confirm the CUSIP, then read the issuer's circular.

Issuers — primary

Fannie Mae — “Announces OTC Bulletin Board Symbols” (July 7, 2010) — the official Fannie series → ticker map.
Fannie Mae — Stockholder Information & preferred offering circulars
Freddie Mac — Investor Relations — preferred stock terms and circulars.

Security databases — look up any ticker

QuantumOnline — FNMAH security description — confirms Series P, $25, CUSIP 313586786, prior ticker FNM-P. Swap the ticker in the URL for any series (e.g. FMCKJ).
OTC Markets — security profiles (FNMAH, FMCKJ, …) — the venue these trade on; lists CUSIP and security name.

Regulatory filings — the bedrock

SEC EDGAR — Fannie Mae (CIK 0000310522)
SEC EDGAR — Freddie Mac (CIK 0001026214) — Certificates of Designation give each series' stated value and CUSIP.

Reference, not advice

This page is a securities-identification reference, not investment advice. Glen Bradford is not a financial advisor and holds significant positions in GSE preferred stock. Rates and series data are compiled from public sources and personal tracking and may contain errors — always verify a security in its own offering circular before trading, and consult a qualified professional.

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