Fannie Mae-No Politics (FNMA)

[big-yank]

The "profits" are largely hocus pocus of revaluing earlier devalued balance sheet assets during the crisis that were later revalued as the housing market recovered. When the government wanted the impaired assets written down to market there was excessive bleating about "unfairness" and claims of government intent to play some game to orchestrate the conservatorship.

Then, when conditions improved and the assets could be restored to a higher market value, the reverse scenario unfolded where the rants advanced to the "you can't do that, those "profits" belong to shareholders.

Just lame chicanery to justify the grab bag for the cash.