What do you want to know about Fannie and Freddie?

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I’d actually love to join in the discussion on house price indices, but I need to write something for the magazine today.

So first of all, I’d recommend going to the Kate Betts-Isaac Mizrahi-Joel Stein NY Fashion Week blog. Second, my piece is supposed to answer some of the questions folks have about the Fannie-Freddie takeover, and while I’ve already gotten some ideas from commenters here, I’m open to more. Whaddya wanna know?

Update: Thank you all for the suggestions so far. I really am regularly checking the comments here as I write the article. And Felix Salmon has joined in with his own list (although I fear it might be a little too advanced for me):

* Fannie Mae and Freddie Mac are still publicly-listed companies. Does that mean they’re still owned by their shareholders, and that unless and until the government actually dilutes those shareholders, management has a responsibility to work for the companies’ actual owners, like Bill Miller?
* Why did Paulson choose to shelter the owners of Frannie’s subordinated debt?
* Are Frannie’s obligations now part of the US national debt? Will they be, if and when the US government becomes 80% owner of the companies?
* What is the difference between Frannie debt now and Frannie debt on Friday? Is there more of a government guarantee than there was? Is there any credit risk in Frannie debt? Does that credit risk explain the spread between Frannie debt and Treasuries?
* Is there option value to either Frannie equity or Frannie preferreds? How do you value a preferred share which isn’t paying dividends? Who’s buying this stuff, and why?