美国处理两房问题的主要条款_王晓萌sky

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美国处理两房问题的主要条款

(2008-09-08 12:05:09)

标签：

房价

房产

房产/置业

股票

分类：投资雾雨

FYI - Nationalization of Fannie Mae and Freddie Mac

Basic Terms of the Deal:
1. Fannie Mae and Freddie Mac give the Treasury each 80% of their common stock and USD1bn each.

2. The Treasury promises to keep Fannie and Freddie solvent according to GAAP by lending it money at 10% per year.

3. The Treasury promises to keep Fannie and Freddie liquid by buying its MBSs, financing the purchase by selling more Treasury bonds, and then holding the GSE MBSs to maturity.

4. The Treasury, the Fed, and the FHFA will agree on an additional amount--a "commitment fee"--that Fannie Mae and Freddie Mac must pay to the Treasury starting in March of 2010.

Objectives:
1. US Treasury wishes to ensure that neither Fannie nor Freddie can ever be judged insolvent according to GAAP, as that would trigger a major bond-market crisis of global proportions.

2. Nor can the US government afford to allow either Fannie or Freddie to end up becoming illiquid, or out of cash, as the residential housing crisis deepens and even prime/jumbo mortgage loans default.

3. Fannie Mae's and Freddie Mac's common stockholders must not profit significantly from the rescue - they must lose most of their investment (they already have).

4. Paulson wants to keep the total cost of the rescue low in terms of budget impact (as estimated by the CBO etc ). If it later looks likely that the deal is going to cost the government more money than planned, the UST can always up the commitment fee.
5. It will inevitably fall to Paulson's successor to shape the long-term restructuring of the GSEs.

Terms of Each Agreement:

The agreements are contracts between the Department of the Treasury and each GSE. They are indefinite in duration and have a capacity of $100 billion each.

2. If the Federal Housing Finance Agency determines that a GSE鈥檚 liabilities have exceeded its assets under generally accepted accounting principles, Treasury will contribute cash capital to the GSE in an amount equal to the difference between liabilities and assets. An amount equal to each such contribution will be added to the senior preferred stock held by Treasury - senior to all other preferred stock, common stock or other capital stock to be issued by the GSE.

3. In exchange for entering into these agreements with the GSEs, the US Treasury will immediately receive (1) USD1 billion of senior preferred stock in each GSE, (2) Warrants for the purchase of common stock of each GSE representing 79.9% of the common stock of each GSE on a fully-diluted basis at a nominal price.

4. The senior preferred stock shall accrue dividends at 10% per year. The rate shall increase to 12% if, in any quarter, the dividends are not paid in cash, until all accrued dividends have been paid in cash.

5. Beginning March 31, 2010, the GSEs shall pay the Treasury on a quarterly basis a periodic commitment fee that will compensate the Treasury for the explicit support provided by the agreement. The Secretary of the Treasury and the Conservator shall determine the periodic commitment fee in consultation with the Chairman of the Federal Reserve. This fee may be paid in cash or may be added to the senior preferred stock.

The Market's Reaction:
So far gold, equities, and oil seem to like the plan but US Treasuries understandably do not. It appears that the market is possibly viewing this as a potentially inflationary change at the margin that goes against the deflationary scenario that it has been discounting. Or, alternatively, it may just be additional risk premium for taking on board the backstop guarantee to such a huge book of long-term debt.

Best Regards,
Geoff

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