Fannie Mae (FNMA)

[Red Captain]

Going to a annual dividend, while better than the status quo is still riskier than having a fixed capital buffer.

A better strategy if they want to continue the NWS is just to temporarily suspend it so as to build up reserves to a specified level and then have it continue above that (assuming the entities are not otherwise reformed beforehand).

Despite it not being that favorable to shareholders, it at least means the company has some nominal value, and signals that the plan isn't to just destroy the companies (which at the end of the day would be incredibly stupid given that the treasury owns warrants on the stock).