Monday, May 15, 2017 9:30:16 AM
I checked the McLean's book and found several things interesting. Back 2008, there was a massive volume of preferred stocks sold to investors to build the capital half year before the crisis. This was troublesome.
Second, Mel Watt can not care less of investors. Moreover, the gses would go to receivership (i.e., bankrupt, common and preferred are wiped out), and continue to run F and F. See
https://www.cato.org/blog/receivership-does-not-end-gses
Third, the warrants are designed to make the common share worth zero from a certain point of time. When government exercises them, it is over regardless.
Thus, FNMA is a nothing but a wet dream to me. Correct me if you have better thoughts.
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