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Alias Born | 12/28/2008 |
Monday, October 28, 2013 4:53:53 AM
Regardless of the reasons (self inflicted or funked by banks and events beyond their control? ) - FNMA did find itself in a one hell of a mess and in need of Billions of dollars in cash with only the GOV as a potential lender/investor in 2008.
Reality is without GOV cash - FNMA would have had to go Ch 11 and kill equity 100%
Now- IMO - the GOV during the mess could have killed equity in FNMA (GM did kill all equity and bond holders became part of the new equity as example)
But - again IMO - by leaving 20% of common and all jr prfds "out there" and using a Conservatorship and not 11 back then - well, now that FNMA is "paying back" the "cash" - the GOV lost any window to kill it
But I am not the king and rules were made to be broken
Remember - an IPO of 80% of common is likely a renewal of current pfds - especially given that so many are held by community banks and pensions etc.
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