Ace, What I am afraid of is if the shareholders rights are not addressed early the more and more rooted the opposition to seeing us exit conservatorship becomes. Last week was very disappointing to me that we did not have representation arguing for the DTAs to be applied towards redeeming some of the senior preferreds. Not one item I read from the press suggested that. The consensus here appears to be to let things alone and things will take care of themselves. IMO, that is an imaginative escape to fairyland. Demarco has said that the consensus he sees from the treasury is that we are to be replaced, wound down, and the total sweep of profits will not allow it to be any other way. I don't think many here understand the concept of zero equity come 2018. Currently I read what I have seen come from congress is every effort is being made to replace and eliminate FnF. One can argue that can not be done all they want but I think we agree that is what they want and they can leave us hanging by our testicles and have about as much time as they want to do it.
You see profits, I hear Geithner saying that the shareholders will not be allowed to profit from the taxpayers guarantee.
I hear current secretary Lew say "The Administration will work with the Federal Housing Finance Agency (“FHFA”) to develop a plan to responsibly reduce the role of the Fannie Mae and the Freddie Mac in the mortgage market and, ultimately, wind down both institutions."
I hear Millstein you once offered a plan that looked hopeful say "Fannie and Freddie have been effectively nationalized".
I hear Senator Corker say "Fannie and Freddie are in a permanent conservatorship".
What I don't hear outside of these message board is any support for the shareholders rights. I don't hear any argument or public debate to any of the above.
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