Fannie Mae-No Politics (FNMA)

[Here I am]

Take into account that every share price discounts the future earnings. At least a 10-year period. Any analyst would have stripped out the one-off effects in their earnings, after knowing that their losses were driven by the provision set aside for loan modifications, the Deferred Tax Asset valuation allowance and the dividend to Treasury. The first two are non-cash charges or accounting losses (the money doesn't exit their balance-sheets). The credit-losses were minimal back then. The dividend to Treasury would be adjusted in their earnings knowing that it's meant to pay off the obligations with the Treasury and recapitalization (another non-cash charge). So a one-off effect and a measure good for the enterprises. Also take into account that the United States officially exited recession in June 2009. So, a phony recession. With all of that, the PER valuation states that they must trade at a PER of 13 times and earnings are adjusted, which translates into a fair value of $100ps, $150ps, $170 in 2017.... $220 in December 2019. Notice that they have doubled their guarantee-fees since 2008 (from 28bp to 57bp). I've adjusted their earnings with the TCCA fees now funneled to the Treasury (10bp, they account for a whopping 11% of their net interest income) and the new company CSS.
And never forget that FnF weren't bailed out by the Government, but the Government simply complied with the bailout scheme written in their charters. So, there aren't terms of the bailout written in the SPSPA but in their Charters. And the bailout was a cheap bailout in exchange for their Public Mission. So, very different to the bailouts of the banks.
Cast your vote for a compensation for moral damages here.