I'm not aware of any capital on hand requirements above and beyond what they currently have in place. Even in C-ship they maintain a certain level of cash to cover expenses, etc..pretty much ever business maintains a cash level.
When the govt executes the warrants on the Senior Preferred Share and turns them into Common Shares there will be 5 times as many Common shares outstanding.
This in a sense devalues or dilutes the share count. However, both Fannie and Freddie have 3 time the amount of assets on hand and theoretically the revenue generating capability of the companies have tripled because of this...and the increase in guarantee fees that are in place on new mortgages.
We arent losing at the price the stock currently trades at since the reason the stock price is so low is everyone thought the 2 companies were going out of business. Now that there is a sign of life the 2 companies stock prices have gone up a bit....but no where near the proper valuation these 2 companies would have if they were not in conservatorship.
Plus the way the conservatorship agreement is written the Senior preferred can be redeemed for face value and the government would lose some of the warrants to exercise...thus reducing the dilution of the common stock. (trust me a lot of reading of the fine print)
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