Fannie, Freddie and Countrywide Issues Affect Everyone

Of late “What will happen to Freddie Mac (FRE) and Fannie Mae (FNM) preferred shareholders?” and “What will happen to Countrywide debtholders?” seem to be the most pressing questions on the minds of credit market participants. At least to me recent history is not helpful in answering those questions. The bailout of Bear Stearns in which creditors were made whole and common shareholders received...