For anyone (like me) who thinks distressed financial companies might be a potential goldmine, but doesn't really know how to begin looking at them, here is an 11-part series that digs into Fannie Mae and Freddie Mac from John Hempton at Bronte Capital:
Part I - IntroductionPart II - The Business & Its Books
Part III - Cumulative Default Curves
Part IV - Modeling Future Losses
Part V - Modeling Future Revenue
Part VII - Sensitivity to Loss Assumptions
Part VIII - Sensitivity to Revenue Assumptions
Part IX - Private Label Securities: The Best of the Worst
Part X - Review