COLUMBUS, Ohio. — It's a mixed bag for banks, but Fannie and Freddie's new Treasury backing is good news for corporates, who say it could even mean a rebound in the value of corporate-owned mortgage backed securities.

Banks invested heavily in the government sponsored entities' preferred stocks and now face serious losses because the vehicles didn't make the guarantee cut. And thanks to regulators, corporates steered clear of the mess.

"By regulation, we're not permitted to buy preferred stock, so I can speak on behalf of all corporates: none of us will experience those types of losses," said Tammy Cantrell, senior vice president of asset-liability management at the $3.8 billion Corporate One Federal Credit Union.

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