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Fannie Mae/Freddie Mac: What you should know
Given the extraordinary move by the Federal Reserve to take the driver's seats at Fannie Mae and Freddie Mac this past weekend, we thought we would share some information we have gathered and provide some color on the action.
The most succinct we have seen is Cantor Fitzgerald's summary (see attachments also).  It reads as follows:
The government's action on FNMA and FHLMC (collectively Government-Sponsored Entities, GSEs) has four basic points of action:
First:        The Federal Housing Finance Agency will become conservator of each firm - effectively running the firms under new management. It will be "business as usual" for the firms for the time being.
                  While there is no explicit guarantee on agency debt, given that government's equity position, it is likely that the debt of the agencies will trade tighter.    
Second:   The US will take a position in newly issued Senior Preferred equity in both firms. This position will be senior to current equity and preferred holders. The initial position will be $1 billion with capacity of $100 billion each. These preferred shares come with a 10% coupon and include warrants to purchase up to 79.9% of the common of each firm.
                       As a part of ... more

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