Volume vs Price Arbitrage Opportunity in Fannie/Freddie pfds

Notice the price difference between the lowest and highest priced Fannie/Freddie preferreds. There is a ~25% price difference between them. There is an arbitrage opportunity and this exists because of inefficiency due to the low volumes. The associated dividends are arguably a factor but given they are suspended and the actual outcomes upon exit are uncertain (redemption at par, resumption of dividends, call and reissue, etc.), they should not reasonably cause much pricing difference.

Note: The Bid/Ask spreads are wide on many of these tickers because of low volume. So, use only limit orders.

Tickers: FNMAS, FMCKJ, FNMAT, FMCKO, FNMAH, FNMAJ, FMCCP, FNMFN, FMCKM, FNMAN, FNMAP, FMCKI, FMCKL, FNMAL, FNMAO, FNMAG, FNMAI, FMCKN, FMCKP, FMCKK, FMCCT, FMCCM, FMCCS, FMCCI, FMCCH, FMCCL, FREJN, FNMAM, FMCCN, FNMAK, FMCCG, FMCCJ, FMCCK, FNMFM, FMCCO, FREGP, FREJO, FREJP, FNMFO