ファニーメイとフレディマックが政府管理下に

米政府、ファニーメイとフレディマックを政府管理下に
2008年 09月 8日 06:23 JST ［ワシントン　７日　ロイター］　

米政府は７日、政府系住宅金融機関（ＧＳＥ）の連邦住宅抵当金庫（ファニーメイ）(FNM.N: 株価, 企業情報, レポート)と連邦住宅貸付抵当公社（フレディマック）(FRE.N: 株価, 企業情報, レポート)を政府の管理下に置くと発表した。

　悪化する米国の住宅市場や経済を支えるため、積極的な支援に乗り出す形となった。

　関係者は、他の住宅ローン提供機関が軒並み弱体化する中で、米国の住宅ローン残高１２兆ドルの半分近くを保有または保証している両社の損失が膨らみ、両社の存続が脅かされることを懸念していた。

　ポールソン財務長官はこの日の記者会見で「米国の経済や市場は、住宅市場の調整が終わるまで回復することはできない」と指摘、「ファニーメイとフレディマックは住宅市場を回復させる上で重要な役割を担っている」と述べた。

　合わせて１兆６０００億ドルの債務を抱える両社を政府の管理下に置くことは、米国史上最大の企業救済劇となる。両社の株式を取得する財務省は、納税者が債務を肩代わりすると考える理由はない、と述べた。

　米連邦準備理事会（ＦＲＢ）のバーナンキ議長は「ファニーメイとフレディマックを管理下に置くというロックハート連邦住宅金融局（ＦＨＦＡ）局長の決定と、両社の財務健全性を確保するためにとったポールソン財務長官の行動を強く支持する」として、「これらの必要な措置が米国の住宅市場を強化し、金融市場の安定を促すだろう」と述べた。

　救済策の一環として、ＦＨＦＡは両社が安定を取り戻すまで運営し、財務省は必要に応じ、２００９年１２月３１日まで資金供給を延長する。

　財務省は新たな資金供給ファシリティーに加え、両社の上位優先株とワラントを取得する。ポールソン長官は「普通株と優先株の株主は、政府が取得する上位優先株よりも先に損失を被ることになる」と述べた。

　さらに財務省は、モーゲージ市場に新たな資金を供給するため、現在両社が保有しているモーゲージ担保証券を買い取るプログラムを創設する。まず今月ＭＢＳの購入を開始し、２００９年１２月３１日まで買い取りを続ける権限を持つ。

　ポールソン長官は「フレディマックとファニーメイは規模が非常に大きいため、どちらかが破たんすれば国内ばかりか世界中の金融市場に大きな混乱を引き起こす」と述べた。
http://jp.reuters.com/article/topNews/idJPJAPAN-33624620080907

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おいらの意見は下記のＷＳＪの記事に近いです。
もうほとんど織り込み済みでしょ。
まあ米政府・納税者にとっては悪いディールではないと思われ。
持ち株がピークから１／１０ぐらいになって更に８０％もDiluteされちゃうフレディマックとファニーメイの既存株主にとっては非常にムカツク取引でしょうけどね。（爆ｗ

まあ後は為替をヲチしてドルが急落しなければ万事ＯＫって話になっちゃうんじゃないでしょうか？（ｗ

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September 7, 2008, 6:34 pm
Mean Street: Taxpayers Should Thank Paulson for Fannie/Freddie Bailout
Posted by Deal Journal
Today, in the largest nationalization in U.S. history, the U.S. Treasury took control of Fannie Mae and Freddie Mac.
You would be hard pressed to find the word “nationalization” in any of the news releases, but that is basically what the government “conservatorship” amounts to. Hugo Chavez must be smiling.
Strangely, so should the U.S. taxpayer. Treasury Secretary Hank Paulson has cut a good deal for the taxpayer and the economy will be much the better for it.
Not all the details are available, but on the face of it the U.S. taxpayer has put in a little bit of money and gotten out quite a lot of control. That is what a Wall Street deal maker wants from any deal.
The deal is structured as a $2 billion capital injection ($1 billion apiece) of senior preferred stock into Fannie and Freddie. The taxpayer gets a fat 10% coupon, as well as warrants for stock representing 80% of the company. The taxpayer also replaces the CEOs of Fannie and Freddie with seasoned Wall Street financiers whose mandate is to actually shrink the businesses.
Now the catch – and there always is one: Fannie and Freddie will require further capital contributions from the taxpayer down the road. Probably a lot more. So the $2 billion is really just a down-payment for a bailout that may end up costing tens of billions more.
But there is nothing new here. Thanks to Fannie’s and Freddie’s “implicit guarantee,” the U.S. taxpayer has always been on the hook. Watch how the U.S. dollar trades in the next couple of days. It isn’t going to collapse with an additional $5 trillion “officially” on the government balance sheet. The market always assumed the obligation was there.
At least now, the CEOs of Fannie and Freddie will be held accountable to the people who have always been footing the bill–the taxpayer.
Of course, in the coming days, there will be howls of protest. The common shareholders will be diluted by as much as 80% with the Treasury’s issuance of the warrants. Eventually, the common stock will be diluted out of existence.
The preferred shareholders who own about $40 billion of Fannie and Freddie paper may be even more unhappy. Their dividends have been cut. The Treasury has issued to itself preferred shares senior to the existing preferred shares. And there is bound to be more of these senior preferred shares to come.
This may prove a problem for the handful of small and midsize banks that hold too much of the existing Fannie and Freddie paper. But it may not. At today’s news conference, Paulson didn’t seem too bothered by the prospect of bank failures caused by write-downs in the value of their Fannie and Freddie holdings.
Paulson knows he can’t bail everyone out–and he can’t make everyone happy. He is trying to be a free-marketer with a mortgage market that ceased existing as a free market when Congress chartered the Federal Home Loan Banks in 1932.
He also knows that today he doesn’t have all the answers. So like any deal maker, Paulson creates as many options as he can. Which is why he didn’t recapitalize Fannie and Freddie in one fell swoop with the $30 billion or so they may require. And why he dictated that Fannie and Freddie didn’t have to shrink their portfolios until 2010.
It is just good deal making. And it will end up working just fine for the people who matter. In this case, that would be the holders of Fannie and Freddie’s debt, mortgage applicants throughout the U.S., and the U.S. taxpayer.
They may not be happy that the US government nationalized Fannie and Freddie Mac, but they should thank Hank Paulson nonetheless.
http://blogs.wsj.com/deals/2008/09/07/mean-street-taxpayers-should-thank-paulson-for-his-fanniefreddie-bailout/