Freddie Mac / Fannie Mae Preferred Stock
Numerous brokerage firms sold billions of dollars of preferred stock issued by Freddie Mac and Fannie Mae. Many investors were lead to believe that these were conservative investments monitored by the federal government. Investors were never informed about the deteriorating financial condition of Freddie Mac and Fannie Mae. During the subprime mortgage crisis, the federal government took over Fannie Mae and Freddie Mac placing them into conservatorship. As a result, the preferred shares became virtually worthless.
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