Fannie Mae Preferred S (FNMAS)

[brandemarcus]

I looked at the 2nd quarter 10q filing (income tax) section. Appeared to read that they are writing down the Deferred TAX ASSET by the amount of income they are making per quarter. Yet, clearly the net income after tax is less than before tax so they are subtracting.
I must be missing something. Perhaps the taxes are non-cash expense and not actually being paid. The amazing thing is the Gse's start "paying" income tax after and only after both write up their dta. It's then perfect for the Warner's and Carney's of the world to then suggest there isn't that much money left to pay even the old 10% dividend.