Fannie Mae Preferred S (FNMAS)

[robigus]

I like this part of Tim Howard's amicus curiae:
"FHFA’s management of Fannie’s and Freddie’s payments to Treasury is
revealing. When the Companies had no earnings, and could have paid their senior
preferred stock dividends in kind, FHFA had them make the payments in cash,
adding to their losses. Then, as soon as the Companies’ accounting losses began to
reverse themselves and they became profitable again and could afford cash
dividends, FHFA agreed to the Net Worth Sweep. FHFA consistently acted not to
conserve the assets of Fannie and Freddie, but to maximize the revenues of
Treasury."