Fannie Mae Preferred S (FNMAS)

[skibrian]

what i don't like is timing of the announcements. the news, good or bad, seems tied to quarter end reporting...get great news, then unsettling news. happened in august, now this.

lucky the stocks aren't bleeding. it seems the wisdom of the market believes that this could be a conduit for solidifying business.

let's not be fooled though, captial used to fund this will not be swept to treasury to pay down net investment, and it is unclear whether the profits of the joint venture will be enough to replace freddie and fannie loss of market share.

this is not easy stuff to figure out...