Fannie Mae-No Politics (FNMA)

[Wise Man]

There is no point in writing a financial analysis in a company under a Machiavellian conservatorship, just to claim that the stocks have no value (YOU DON'T SAY? Let me guess. The outcome of a PER 14 times with the $0 EPS that FnF post every quarter, right? Or is it the $310B SPS LP outstanding? Etc.), where the conservator can "take any action authorized by this section, in the best interests of the Agency" (FHFA-C's Incidental Power), so it can do and undo whatever it wants if the endgame is "authorized by this section", which isn't the same as saying "FHFA has absolute discretion" (implied by Ackman in his letters with Pershing) or that "it can do whatever the hell it wants" (Bradford), when both wrongly quote the Supreme Court, because justice Alito started out with "a way to rehabilitate FnF" that blesses the Separate Account, and the same pointed out by judge Willett "any action within the enumerated powers".

They are the grounds for an External Position (Separate Account like in 1989 with the FHLBanks with ST and DeMarco too), and everything you see might not be the actual outcome, for someone that has read the rest of the legislation, regulation and knows basic Finance, like a dividend, distribution of Earnings.
The FHFA's best interests have been, thus, to mislead the world.

The coverup of all of the above is what Fanniegate is all about, like:
-Restriction on Capital distributions. Exceptions. U.S. Code §4614(e).
-FHFA-C's Power and Incidental Power.
-The low cost UST backup of FnF in the Charter Act.
-The Fee Limitation of the U.S..
-The Final Rule for the transparency of the conservatorship, on July 20, 2011, coinciding with the Time Limitation of the Acting Dtr DeMarco, that enacted the CFR 1237.12, that "(c) supplements and shall not replace or affect any other (the aforementioned) Restriction on Capital distribution by statute", meaning "follow-on plan" for the moment the SPS were fully repaid with the prior exception to this restriction (estimated at the end of 2013 and 2014 in Freddie Mac and Fannie Mae, respectively). Now the capital distribution (deplete capital) is authorized for their Recapitalization (build capital), a Separate Account wording, in either of the 4 exceptions, because it must uphold the restriction by statute, which is for Recapitalization as well (dividend suspended).
A Final Rule that also included the the payment of Securities Litigation judgments as capital distribution after amending its statutory definition, and "prohibiting" it in the preface of the rule, "at a time when the Agency is tasked with the rehabilitation", etc. It's the Lamberth rebate currently with a Plan of Allocation in the making, scheduled for today.
Another one that will come up with the: "But I believed...". That is, playing the fool, like Ackman with the 13D reports mentioned in my prior post.

No one in his right mind covers the FnF stocks, except KBW that was just hired to write the alibi in the form of financial analysis, and, with all the verbosity possible, it comes to the same conclusion laid out by the hedge fund manager Bill Ackman, among others, like the hedge fund manager Donald Trump, former POTUS, with his case of restructuring FnF laid out in the Trump letter, an example of "fabricated evidence" because the SCOTUS didn't ask for his opinion today, but a public statement when he was POTUS "showing displeasure with the FHFA Director's actions" and what he said was exactly the opposite during a rally with Real Estate professionals on May 17, 2019, the only time that he has talked about FnF publicly, other than the Presidential Memorandum:

We are doing well with them. Now, it's well managed. They are great people...have some really good people running it.

Source. 56:45 mark. Calabria was sworn in on April 9, 2019, so he was praising the former Director Mel Watt, who had already signed with Munching the first SPS LP increased for free on December 2017 (a one-time $3B) that kick-started the current Financial Statement fraud with SPS LP and its offset, absent from the Balance Sheets, another way to hold the Common Equity in escrow to uphold the law (Another capital distribution, like the dividend payments)
A Trump letter calling for the privatization of FnF, exercising the Warrant, etc., something repeated like mad by their subordinate Glen Bradford on this board.

Other financial analysts like Dick Bove don't even dare to write a financial analysis, and he simply writes a piece on ValueWalk and IMFpubs to harass the common shareholders. "We might get a gift", was his latest dropping, pretending to be one of us.

What KBW does, is more of the same government theft story for stock price manipulation by downplaying expectations.
A financial analysis is considered a formal document and they are required to pay us Punitive damages (deterrence).
There are more crackpots, like Wedbush Securities with a $0 target price.
Let me guess. Then Warren Buffet buys Fannie Mae at $0 per stock, right?
This is why it's been calculated a fair value for the stocks with an adjusted EPS. PER 14 times.