Fannie and Freddie continue to be the focus of attention; Accrued Interest reminds us of an important point: FRE and FNM preferreds are down another 20% or so today, threatening the $10 area on FRE …
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DBRS Withdraws Ratings for IQW.PR.C / IQW.PR.D
DBRS has announced that it: has today discontinued its ratings coverage of Quebecor World Inc. (Quebecor World). Quebecor World’s North American subsidiaries have been operating under the Companies’ Creditors Arrangement Act in Canada and under …
August 8, 2008
Another common equity dividend cut that leaves the preferreds unscathed! This sort of stuff does my heart good! Fannie Mae, the largest U.S. mortgage- finance company, cut its dividend 86 percent after posting a loss …
July 31, 2008
Bloomberg reports that the CDS Clearinghouse will be running by Christmas. The New York Fed issued a press release lauding the plan which includes links to various documents. Of particular interest is: Incorporating an auction-based …
July 17, 2008
There’s a story in Vanity Fair about the Bear Stearns collapse – good reading! All fluff, of course, but entertaining fluff. Today’s factoid is the claim that US Financials have just experienced an 11-standard-deviation price …
July 16, 2008
James Hamilton of Econbrowser asks Did Fannie and Freddie Cause the Mortgage Crisis, reviewing an op-ed piece by Paul Krugman. Krugman states of the implicit guarantee of the GSE debt: This implicit guarantee means that …
July 14, 2008
The implicit guarantee of the GSE will – probably – shortly become explicit. James Hamilton of Econbrowser reviews the situation and approves of the plan: The first thing I like about this plan is the …
Preferreds or Common?
There was an interesting comment on FWF today: I would always expect variation in daily value for a bond or a bond fund. What strikes me as not “fixed income” about preferreds is that they …
July 10, 2008
We may be nearing the point of crisis. Accrued Interest is getting panicky: Unfortunately, the panic is legitimate. No one knows what a GSE bailout will look like.…There are also rumors that PIMCO and SAC …
July 3, 2008
The Penn National Gaming takeover has failed: Penn National Gaming Inc. said Fortress Investment Group LLC and Centerbridge Partners LP scrapped their $6.1 billion plan to buy the racetrack and casino company as the credit …