Fannie Mae-No Politics (FNMA)

[Wise Man]

The common stocks at trading at PER=0.2x. Besides, your data is fake.
2012-2019 Reserve release (Benefit for credit losses) Annual data,$ in billion $FNMA 1/9/4/1/2/2/3/4

Also take into account other factors that have lowered their Net Income, like the Derivative Losses due to the interest rates decline, and won't ever be seen again.

With regard to the 10bp TCCA, the FHFA has no say here. The law TCCA makes clear that FnF shall transfer the fee for 10 years, therefore, after that period, FnF keep the g-fee. Also it's barred in the Charter's fee limitation, so the odds are that the Treasury will be compelled to reimburse all the payments received so far.