胡言乱语, FNMAS# Stock
m*i
1 楼
FNMAS is the prefer share for FNMA.
Like other prefer shares, it can claim the FNMA's asset before the common
shareholders.
Currently, Government's loan to FNMA is in the form of highest prefer shares
with 10% dividend.
FNMA's earning power is around 12 billion a year right now, with the loan
from government at around 110 billion. So it's earning was basically used to
pay out the government's loan interest. So FNMAS/FNMA is basically
worthless.
Before 2008, FNMA made lots of money and paid quite a bit of income tax.
FNMA might start to take tax credit for the loss after 2008, the total tax
credit is in the neighborhood of 50 billion.
If FNMA could claim the tax credit, their loan from government could be cut
to 60 billion from 110 billion.
If this is the case, their interest payment from the government could be cut
to only 6 billion a year and they could potentially paid off government
loan with cash flow.
Currently, the stockholders equity is around 2 billion for FNMA.
Remember, FNMA is still under government's receivership. Any return of the
money to shareholder needs approval from the government. So many thing's
could go wrong, for instance, their tax credit is not approved by the
government.
This is extremely risky, you could loss all your investment.
Having said that, if the government allow the tax credit for the debt and
return the company to shareholder, FNMAS could potentially worth some money
for its prefer shareholders. The best case, it's par value.
Like other prefer shares, it can claim the FNMA's asset before the common
shareholders.
Currently, Government's loan to FNMA is in the form of highest prefer shares
with 10% dividend.
FNMA's earning power is around 12 billion a year right now, with the loan
from government at around 110 billion. So it's earning was basically used to
pay out the government's loan interest. So FNMAS/FNMA is basically
worthless.
Before 2008, FNMA made lots of money and paid quite a bit of income tax.
FNMA might start to take tax credit for the loss after 2008, the total tax
credit is in the neighborhood of 50 billion.
If FNMA could claim the tax credit, their loan from government could be cut
to 60 billion from 110 billion.
If this is the case, their interest payment from the government could be cut
to only 6 billion a year and they could potentially paid off government
loan with cash flow.
Currently, the stockholders equity is around 2 billion for FNMA.
Remember, FNMA is still under government's receivership. Any return of the
money to shareholder needs approval from the government. So many thing's
could go wrong, for instance, their tax credit is not approved by the
government.
This is extremely risky, you could loss all your investment.
Having said that, if the government allow the tax credit for the debt and
return the company to shareholder, FNMAS could potentially worth some money
for its prefer shareholders. The best case, it's par value.
