Fannie Mae-No Politics (FNMA)

[rosen62]

//NWS surplus would go to F/F

and that would mean increased net worth and the possibility of retaining earnings which feed into the Jr. dividends upon discretion of the conservator/regulator/Board.

The point is not that Mel Watt will say no to any dividends to the Jrs. provided there is the needed cushion in retained earnings. The point is that there will be a sea change from not having retained earnings to having them. So the dividends will become a "when" question. It doesn't matter when that "when" takes place.