as shareholders, we bear absolute private losses, taxpayer is protected, and we have in excess of 100% of our annual profits swept to treasury per the terms of the third amendment, executed by a previous treasury director to prevent the businesses from retaining earnings from massive imminent profits.
With this agreement, Treasury receives senior preferred equity shares and warrants that protect taxpayers. Additionally, under the terms of the agreement, common and preferred shareholders bear losses ahead of the new government senior preferred shares.
take a look at the signatures on the document revealing that the US Treasury...
"Reasons to Set the PCF"
"Makes clear the Administration's committment to ensure existing common equity holders will not have access to any positive earnings from the GSEs in the future"
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