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Government to Wipe Out Fannie/Freddie Shareholders by Sunday
Government bankruptcy. Fannie and Freddie will be taken under a conservatorship -- which is similar to a bankruptcy wherein a trustee operates the company so it can be fixed and ultimately sold back to public investors. The bailout would reduce the value of their common and preferred shares "to little or nothing," according to the Times.
Taxpayers bailout defaulted mortgages. Some share of the $800 billion in taxpayer funds will be used to pay "any losses on mortgages [Fannie and Freddie] own or guarantee," according to the Times.
Real patriots will bend over and spread 'em!
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Fannie & Freddi Wipeout
jintampaSo I guess if I understand this correctly, that , as an investor, if you owned shares in both corps....your investment is now worth zero? And if you, in your portfolio happend to also have CMO'S - collateralized mortgage debt obligations to earn interest, that is now gonzo... so if you are a retiree...forget about those passthrough payments thay you receive.....Enron all over again! Mike - is this correct?
If that's so then what about ...
chillyphantom... China's investments in these corps?
That's gonna piss off a whole lot of people outside the US.
If that's so then what about ...
poorrichardI read somewhere the the foreign accounts get paid off first. The taxpayer bailout money will go overseas. Grrrreat.