Fannie Mae-No Politics (FNMA)

[Guido2]

The SEC reference you provided states that they amortize the INCOME. Unamortized portion is an ASSET similar to an annuity. Look at their 2008 & 2009 balance sheets. They were recorded as assets.

The government did NOT PURCHASE their shares in 2008 or 2012. You cannot use those prices for valuation.

They have not yet been designated utilities. They are compared to insurance companies. The average multiple is 19 for an insurance corporation. I was very conservative in using 12.