The agencies who watched the US Treasury bail out the GSEs issued a joint statement  including:
- Board of Governors of the Federal Reserve System
- Federal Deposit Insurance Corporation
- Office of the Comptroller of the Currency
- Office of Thrift Supervision
Now everybody (the regulators) is starting to act together like a family. The statement sounded like motherly advice to the children at dinner time after a long day…
All institutions are reminded that investments in preferred stock and common stock with readily determinable fair value should be reported as available-for-sale equity security holdings, and that any net unrealized losses on these securities are deducted from regulatory capital.
In other words, I am saying this nicely, but if you make the same mistake Frannie made , you’re going to be spending a lot of time in your room.