Special Situations: Fannie Mae ‘Raisins’ Analysis June 2015

Fannie Mae Special Situations: 'Raisins' Analysis  June 23, 2015  SUMMARY INFO OTCBB: FNMAS Recent PPS: $3.81 (15.1% of $25 par) Implied FNMA Junior Preferred Market Value: $2.92B ($19.13B par) SCRATCH NOTES I jotted the following notes down on the Scratch Notes page this morning, which formed the basis of the discussion to follow: WSJ Op-Ed: Raisins … Continue reading Special Situations: Fannie Mae ‘Raisins’ Analysis June 2015

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Special Situations: Fannie Mae Millstein & Co Proposal October 2014

Fannie Mae October 10, 2014 Special Situations: Millstein & Co. Proposal DISCUSSION Many thanks to Robert King (@robertqking) for sharing two testimonies by Jim Millstein - one from April 2013, and the other from November 2013. Turns out, the F&F restructuring proposal by Millstein & Co. embedded within Millstein April 2013 testimony is the bedrock … Continue reading Special Situations: Fannie Mae Millstein & Co Proposal October 2014

Special Situations: Fannie Mae Epstein Call October 2014

Two interesting takeaways from the Epstein call: 1. In order to keep F&F debt off of the USG balance sheet, the USG needed to keep its F&F ownership stake below 80%; as such, the USG needed the common stock to continue trading. So this goes back to my point that the USG does not want … Continue reading Special Situations: Fannie Mae Epstein Call October 2014

Special Situations: Fannie Mae Scenario Analysis October 2014

Fannie Mae October 5, 2014 Special Situations: Scenario Analysis DISCUSSION This write-up distilled out of a working page I had posted earlier where I was working through the various options available to the U.S. Government (USG) for restructuring Fannie & Freddie (F&F). The analysis is incomplete and indicative of mental rambling, but far along enough … Continue reading Special Situations: Fannie Mae Scenario Analysis October 2014

Special Situations: Fannie Mae Quick Note October 2014

Fannie Mae October 1, 2014 Special Situations: Quick Note SUMMARY INFO OTCBB: FNMA Recent PPS: $1.25 (anticipating tomorrow's opening price...) FD Common Shares Out: 5.8 billion Common Equity Market Cap: $7.2 billion Preferred Stock: $136 billion (as of 2Q14) Total Equity: $143.5 billion DISCUSSION FNMA shares have been extremely weak as of late, and after … Continue reading Special Situations: Fannie Mae Quick Note October 2014