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Senior Preferred Stock Purchase Agreement


Second, the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 warned all investors in Freddie securities, including investors in preferred shares, that they “would not be interpreted” if they believed that SGs would “honor, repay, or guarantee their liabilities or liabilities.” In exchange for financial assistance from the Ministry of Finance, the SPSPA requests, inter alia: that Fannie Mae and Freddie Mac pay quarterly dividends to the treasury, give a liquidation preference to the treasury and pay the treasury, from 2010, periodic commitment fees reflecting the market value of the outstanding cash commitment, as well as stock option bonds for the purchase of common shares that are 79.9% of The common shares of Fannie Mae, and We will extinguish Freddie Mac. on a diluted basis. To meet the challenge of raising approximately $400 billion in capital ($200 billion to meet capital requirements and an additional $200 billion to meet commitments under existing PSPAs), shareholders and industry stakeholders are committing to two unilateral changes to the bailout agreement: (1) partial or total forgiveness of the $200 billion liquidation preference and (2) Dividend formula to allow GSEs to capitalize. REF If the federal government adopts any of these amendments, ref existing common shareholders, junior preferred shareholders and purchasers of newly issued common shares would benefit at taxpayers` expense, which would amount to a further bailout of GSE. A recent comment by a privileged shareholder of Freddie Mac, who asks state-subsidized companies to “keep, recapitalize and get out of the conservatory what they rightly deserve” is false on so many levels. First, if the dividend sweep were to be reversed, a minimum dividend of 10% would have to be paid to taxpayers and continue to be paid on the current priority preferred shares of the Ministry of Finance. When GSEs were admitted to the Conservatory in September 2008, they were saved simultaneously by a series of massive capital injections. Once again, the original preferred shareholders or their successors were not entitled to this bailout. The task of raising at least $200 billion to get out of the conservatory is daunting, but the real financial hurdle is about twice as large due to the nearly $200 billion liquidation preference under existing bailout agreements for taxpayers.


Despite recent changes to PSPAs, GSEs will have to provide most of the capital needed to private investors instead of using the retained profits to contribute to the total. REF Even ignoring obligations arising from existing agreements, such a capital increase in the stock market would eclipse the largest IPOs in history, such as Alibabas $US 25 billion in 2014, Facebook$16 billion in 2012, General Motors $US 18.1 billion in 2010 (after Uber`s bankruptcy in 2019) and Uber`s $9 billion Federal National Mortgage Association (OTCQB: FNMA, commonly known as Fannie Mae, is a state-subsidized company (GSE) founded by the United States…


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