FNMA, FMCC - You Can't Go Home Again May. 8, 2014 3:35 PM ET | Includes: FMCC , FNMA Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. (More...) Summary Pershing Square's thesis makes sense, except, there's no there there. Property appreciation will increasingly be linked to on site clean energy generating capacity. Predatory "green finance" practices fleece property appreciation from mortgage holders. Fannie MAE ( OTCQB:FNMA ) and Freddie Mac ( OTCQB:FMCC ) (I call them F&F) make a fascinating story and studying the recent Pershing Square presentation is well worth the effort. A few years ago, when F&F were at the height of their sub-prime malfeasance, an opportunity came along that they promptly dismissed at their own peril, and it is now coming back to haunt them. One of the consequences is that they cannot s...
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