Fannie Mae-No Politics (FNMA)

[YanksGhost]

<< regarding FMCC's Board action on anti-takeover by-laws >>

IMO, any public financial service's firm at risk during the 2008 Financial Crisis whose Board of Directors was not considering identical action would be derelict in fulfilling fiduciary responsibility to their shareholders. The demise of Bear, Stearns and destruction of shareholder's equity in that takeover was virtually a complete wipe out... and a shot across the bow to all other similar firms that preserving options beyond a GOV bailout were CRUCIAL.

There was private money on the sidelines likely to offer either of the GSEs a FAR better deal than conservatorship delivered. I doubt that anyone would argue that point. It has been extensively reported on, including some outstanding work by Andrew Ross Sorkin.

https://www.nytimes.com/2008/03/24/business/24deal-web.html

I find it grossly unfair to ascribe such actions by FMCC and their Board members as somehow being complicit in some scheme to facilitate conservatorship. Plus, again, I must remind anyone considering the event that the Board must adopt a recommendation before any matter can be submitted to shareholders for a proxy vote. That being factually stated, I see no grounds for going down the rabbit hole by accusing the Board of wrongdoing or rescinding their actions which seem to be fully proper and, maybe, even admirable dedication to their shareholders.