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Federal National Mortgage Association Message Board

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  • lowriskincome lowriskincome Sep 11, 2008 11:02 PM Flag

    SEC Form 8-K filed on 11-Sept-2008

    in SEC Form 8-K filing:

    In addition, Treasury may terminate the Commitment and declare the Senior Preferred Stock Purchase Agreement null and void if a court vacates, modifies, amends, conditions, enjoins, stays or otherwise affects the appointment of the Conservator or otherwise curtails the Conservator's powers.

    Treasury knows that the Senior Preferred Stock Purchase Agreement can be modified or voided by a court.

    IMHO, Some big preferred holders will ask a court to modify the agreement!!!!

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    • They have a shot if they can prove prior CEO acted under duress ie sign this agreement or we'll put you in jail for a long time. Which will most likely happen anyway.

      • 1 Reply to jasonhasick
      • Government now has to watch an make sure another country does not try to steal half of america by buying up all the prefereds and common.

        Looks like they are trying to resize these two GSE's. Most likely they are going to buy the MBS and resell to new GSE's and if they are successfull at doing it quickly without loosing too much value. Prefereds will recover. The question is how long will it take to swap out 4.5Trillion MSB's?