Fannie Mae Preferred S (FNMAS)

[jwnoble3]

I posted this before, but wanted to raise again...

Also, Very interesting on page 8, FMCC the allowance to build a networth reserve starting at $3B (2013), $2.4B (2014), $1.8B (2015)...$0 in 2018. Trying to figure out - why allow the networth reserve until 2018? Isn't this equity? Is TSY leaving an out to allow them to recapitalize and sell off thier stake?

a quick look at all Freddie Jr pref call dates to see if it correlates to the equity networth allowance

Billions callable date
0.246 2001
0.15 2003
0.149 2003
0.396 2003
0.396 2003
0.297 2006
0.248 2009
1.01 2011
0.99 2011
0.34 2011 ~4.222B callable end of 2011 (NOTE - 3B reserve allowed in 2013 + 1.2B FMCC currently has as networth)
5.9 12/31/12 or 2017 (fmckj)
0.5 6/30/12
0.5 3/31/12
0.325 2013
0.322 2013
0.247 2014
0.5 2017
~12.516B Total Jr Prefs