While intoning somberly about how the global financial markets would collapse absent its wipe out of Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) common and preferred shareholders, the Treasury has gotten a very slim payoff from its latest weekend bailout plan. To be sure, mortgage rates have fallen almost four-tenths of a percent and the value of mortgage-backed securities (MBS) may rise.

But is it worth all the pain? Investors in their 1.6 billion common shares have lost tens of billions of dollars in shareholder wealth ($139 billion off their peak prices), preferred shareholders will take $30 billion worth of write-offs, and the taxpayer will be on the hook for somewhere between $200 billion and $800 billion. BusinessWeek reports that "the banking industry [is expected] to collectively write down $25 billion to $30 billion on their balance sheets for losses on the preferred shares they are holding."

These banks will experience a decline in their capital ratios which could put some in peril. "There are 12 banks and thrifts that would lose 5% or more of tangible capital were they to take a 100% aftertax, mark-to-market adjustment on their GSE preferreds," writes BusinessWeek. It reports that three banks in particular will fall below minimum "well capitalized" levels -- Gateway Financial Holdings (NASDAQ: GBTS), Midwest Banc Holdings (NASDAQ: MBHI), and Cascade Financial (NASDAQ: CASB).