in sec filing of both Fannie mae and Freddie mac. They state that could be placed into receivership. I thought that they would need to be bankrupt in order to be taken in as receivership in order to liquidate assets to pay off debt. Is our government "robbing" fnma and fmcc in order to screw up the books and create a situation to legally take them into receivership?
Sorry, receivership is not legally possible. Conservatorship, also, is not legally possible after a certain point and both Fannie and Freddie are rapidly approaching that point! The government doesn't want shareholder suits in court because it will be "slam dunks" for shareholders and might entail damages which could be catastrophic to the Treasury.
No. The company posts profit in it's reports and therefore cannot be placed in to receivership or liquidated per the c-ship agreement. All of those profits are paid to the Gov through a dividend. They are not robbing the profits before they are transacted through the company, and the company still get to withhold $3 billion annually for operations. The only reason the government (illegally) swept the profits into their dividend was to stifle FnF from re-payment of their original bailout. This allows the government to control them while in c-ship. It does not mean they can be torn apart without due compensation to the shareholders. (if dissolved, the entire charter must be transferred to a new entity) Basically meaning, if Obama plans on reforming FnF, they will be "re"-formed, into a new entity, and every single share must be equally accounted for and transferred to the new model.
Yet another misinformed poster on these boards. Under the corker-warner bill Fannie and Freddie shareholders are owed no compensation in the event of liquidiation. If a bill passes that effectively ends Fannie/Freddie, the will be transferred to recievership in order to sell/redistributed assets under management.