Fannie Mae-No Politics (FNMA)

[Here I am]

Fannie/Freddie without dividend payments to Treasury are worth $240ps and $258ps, respectively.(*)
The dividends are restricted for Undercapitaized enterprises because it depletes Capital and thus, it contravenes the Conservator's Power: "Put FnF in a sound and solvent condition".
Later we discuss how much capital they build through retained earnings after the Treasury's refund.
(*)2019 PER of 13 times. CRT and TCCA fees cancelled.