eh, i dont know. i've never looked back that far.
receivership?
maybe the market thought that the commons WERE worthless and the preferred MAY have some liquidation value
but that was before the GSEs ran out of losses to print via fhfa accounting fraud and were forced to reverse the accounting fraud
good thing treasury stepped into the flow of funds and cast the net worth sweep net to catch it all like pokemon for itself
the real answer here is that during those times, it took really smart people to be able to figure out that fannie and freddie were going to be profitable
i didn't know at that time.. heck i looked then at fannie and freddie and their income statements and i couldn't figure out if they would be okay or not, i couldn't reverse engineer the accounting fraud..
there were gods among us who could though
john hempton
bruce berkowitz
and many others
gator capital had something on them too.
really smart people figured it out, but what they didn't figure.. was that the government was going to come steal the money
this has been wild.
Market Data 
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