Fannie Mae-No Politics (FNMA)

[contrarian bull]

The argument in congress will be that fannie and freddie have been incredibly irresponsible by letting their net worth drop down to zero!

And they are even more irresponsible by letting themselves fall into a lower tax bracket and thus have their deferred tax assets decline and push them to a negative net worth.

They have been so irresponsible in paying hundreds of billions in dividends to fat cat senior preferred stock holders that the only solution is to force them into liquidation and end the cash bleed.

Bonus - it will appear on paper that they didn't pay back all of the money that treasury loaned them, so congress will be able to justify shutting them down by saying they were just trying to prevent further losses taxpayers would have had to suffer.