Fannie Mae-No Politics (FNMA)

[big-yank]

So you believe that the GSEs never had any reason to pay back the $187 B in taxpayer-sourced bailout funds? Hey, no problem. Just stick 'it on the balance sheet and forget about cash. Hey, I know... let's just use deferred tax assets. Keep taking draws from UST whenever you want. Sell your MBS bonds with the backing of the taxpayers. Acquire your liquidity from the Fed borrowing window at rates preferential to banks and other third parties that can't compete because their costs are not on a level playing field.

That's a nice world, as envisioned.

The courts are not going to play ball. Why worry about what I think, it is the courts that are going to see through this scam, IMHO. I bet the government legal enterprise will help coach them through the vagaries of off-balance-sheet accounting manipulation.