Fannie Mae-No Politics (FNMA)

[capitalismforever]

What you fail to take into account is that there is a history of accounting chicanery with these people

The deferred tax asset impairment of 2008 was not accounting chicanery. GAAP rules allow a company to determine whether they believe they qualify for an impairment through a more than 50% certainty rule. What was chicanery was FnF requiring to insure badly written low credit mortgages originated by banks that went too far in trying to create profits for their shareholders. Writing off the DTA due to future expectations was not fraudulent which is why in my opinion it can't possibly be considered chicanery. We were in a recession. Of course it was logical to assume that the main company insuring mortgages would produce less than stellar operating results during the largest housing crisis the country ever faced.