Fannie Mae-No Politics (FNMA)

[TII]

Thanks. Don't you think this is significant?

I'm not sure it's significant, but it was a change nonetheless.

More importantly, Tim Howard found this bigger change this morning....

The bigger change in Fannie’s press release is in the table titled “Treasury Draws and Dividend Payments: 2008-2016” on page 8. In previous years Fannie simply titled this table “Treasury Draws and Dividend Payments,” and included the payment it expected to make in the first quarter of the following year, both in the bar graph and in a box within that graph (which, in the 2015 10K, showed “Total Dividend Payments Through 1Q 2016, with a footnote explaining that it expected to pay the first quarter amount based on its fourth quarter 2015 earnings). In the 2016 10K that came out this morning, this same table shows just the payments made through the end of 2016. The expected payment for the first quarter of 2017 is discussed verbally in the paragraph following the table, but, in contrast to the presentation in previous years, appears nowhere in the table itself. Like the change in the wording in Freddie’s press release yesterday, this presentational change by Fannie was deliberate.