Fannie Mae-No Politics (FNMA)

[Robert from yahoo bd]

The capital stack was respected, not violated, when the AT1 bonds were written down.

Don't tell that to the class litigation lawyers preparing to recover some of the lost $17.2B bond holders sustained by wiping out their class of bonds in 'Capital Stack' restructuring:

https://www.google.com/amp/s/www.cnbc.com/amp/2023/03/21/credit-suisse-bondholders-prepare-lawsuit-after-at1-bond-writedown-in-ubs-deal.html

"David Benamou, chief investment officer at Axiom Alternative Investments and a holder of Credit Suisse AT1 bonds, told CNBC on Tuesday that he would be joining the lawsuit along with, he imagined, "probably most bondholders."

California-based law firm Quinn Emanuel Urquhart & Sullivan said Monday that it had put together a "multi-jurisdictional team of lawyers from Switzerland, the U.S. and the U.K." following the rescue deal."

https://www.google.com/amp/s/amp.theguardian.com/business/2023/mar/17/credit-suisse-legal-action-us-investors-banking

https://www.bloomberg.com/press-releases/2023-03-19/labaton-sucharow-notifies-credit-suisse-group-ag-nyse-cs-investors-of-the-filing-of-a-securities-class-action-lawsuit