Two weeks ago, Treasure Dept. revises payment terms for Fannie and Freddie. Instead take in 10% of total Draw from Treasure Dept. as dividends for those senior preferred stock, Treasure Dept. will take all future earnings from those two companies as the dividends to exchange when they can not meet the dividend payments they don't need to draw more funding from Treasure Dept..
It looks like Treasure Dept. willing to accelerate to get bail-out money back. During second quarter, both companies combine made 8 billion dollars. Total draw is 188.4 billion and accumulated dividend payment is 45.7 billion, the balance of 142.7 billion need another four and half years to finish the job (if they can make 8 billion every quarter). After they pay 188.4 billion dollars dividend, they still owe Treasure Dept. 188.4 billion dollars capital.
Freddie Mac has twenty issues of preferred stock(not the senior preferred stock Treasure dept. owned)outstanding, total face value is 13.1 billion dollars. If Fed. close the shop after collect 72.3 billion dollars(which Freddie Mac owe and already paid 20.1 billion dollars dividend) as dividend, that will leave nothing for preferred and common stock owners, if Fed. sell Freddie at or under 72.3billion, still leave nothing for preferred and common stock owners( Fed. will take away the money as senior preferred stock capital). If Fed. sell Freddie between 72.3 and 85.4 billion, then preferred stock owners can get part or all face value back, but still leave nothing for common stock owners. Anything over 85.4 billion, then common stock owners have chance to share it remain.
The future of Fannie and Freddie is extremely uncertain. We don't know Fed. going to change payment terms again or not. We don't know when or how Fed. going to wind down them either.
兩週前,美國財政部改變房利美和房地美之特別優先股的股利其付款方式. 從前是年率10%,現在是將每季盈餘全部上繳給財政部作其特別股利,來交換當他們賺得不夠付特別股利時,不用再向財政部支款.
看來財政部想將對兩房的支援款全數儘快收回.第二季兩房共賺80億美元,共欠財政部1884億元,已共付457億元特別股利,剩下的1427億還得四年半才能完工(如果每季都能賺80億).在他們付了1884億特別股利後,仍欠1884億本金.
房地美在外有二十種一般優先股(不是財政部那種特別優先股),全部面額為131億.房地美欠財政部723億,已付201億特別股利.如果財政部在收完723億股利後將其關店,那一般優先股及普通股的股東什麼都沒有,如果將其賣掉在723億或以下,他們還是什麼都沒有(因為會被財政部當所欠本金全部收回),如果賣掉在723億和854億之間,一般優先股的股東可收回部分或全部面額,但是普通股的股東仍一無所有,只有在超過845億以上,普通股的股東才有機會分到超出的部分.
兩房的前途極不確定.我們無法知道聯邦政府會不會再改變支付特別股利的方式,也無法知道什麼時候或什麼方式被處理掉.
