Fannie Mae (FNMA)

[brandemarcus]

One other thing Yank. The shareholders might have been better off if the gse's were put in litigation before a bankruptcy judge who understood accounting. That sr pfd could have easily been paid with the excess reserves that were on the books. I think a judge would have asked the government why are you in my court? Also the judge would have asked the government lawyer whether he understood the difference between Preferred stock and Debt.

The government didn't want anybody from the outside looking at the accounting. That's one reason there was conservatorship not a receivership.