Ok, I don't really disagree with you necessarily. Things have been weird lately, lol.
On May 2, 2012, FMCKJ closed at $1.14. It appears that 27,139,000 shares traded that day.
On May 3, 2012, FMCKJ reported $19m quarterly draw (good news!)
End of May, price is $1.68, end of June is $$2.17, end of July is $2.00.
August 7, 2012, 10Q is filed. Comprehensive income of $2.9b, senior pref dividends of $1.8b, no draw.
August 16, 2012, stock price was $1.03.
August 17, 2012, stock price was $1.03. Volume of 24,312,800.
Also, on August 17, 2012, the Treasury and FHFA announced the new new deal. Got rid of the circular 10% dividend. Beginning in 2013, FnF will send essentially all earnings to Tsy, but will hold any losses. Getting rid of circularity means that taxpayers can be repaid sooner. I'm looking forward to seeing a new stress test run this October or whenever it becomes available. My assumption is that taxpayers can be repaid in say five years or less. Maybe sooner, who knows.
I don't really understand the market response. Its like some big preferred holders had a "teabagger" type distrust of government. We've seen a lot of precedent on the TARP front, all of which is consistent with the view of the government as being concerned about the "public interest." There hasn't been any theft/expropriation yet. And its not obvious to me why the "market" is so nervous.
News 
Market Data 
Discover 
AI
