Fannie Mae-No Politics (FNMA)

[big-yank]

I think the real concern derives from the EBIT line and the huge degradation over the past 3 FY's. The gravity of the situation is partially obscured by the fortuitous decline in Interest expense as rates have declined (notably those tied to LIBOR). The trend is not your friend.

Fannie Mae's metrics have become a shell game of DTAs and derivative hedging gambits. In 2013 they portrayed a $45 B gain for negative income tax expenses that carried no reflection of operating line results. It's very reminiscent of putting lipstick on a pig.

JMHO.