Fannie Mae-No Politics (FNMA)

[Wise Man]

I'm beginning to think that the article might be pretty close.
FnF don't provide data of refinancings and overall liquidity provided to the mortgage market in the 4Q, so you have to estimate it.
For FMCC I've taken the liquidity provided to the mortgage market in the 3Q, $361.6 billion. Later I assume that the single familiy refinance borrowers are 60.7%, because that's their statistic in number of borrowers. The 3Q and the 4Q were very strong quarters of refinancings and similar. Then, $147 billion worth of refinancings in two months.

For FNMA, I've taken the data of $948 billion Single-family refinances in 2020. Taking into account that the boom in refinancings occurred in the 2H, I assume that it was $290 billion in the 4Q. Then, $193b for two months.

Total = $340 billion, less the mortgages that don't qualify for the fee (below $125,000). Let's assume that the total was $300 billion and the article says $350 billion worth of adverse market qualified refinance mortgages.

Anyway, where's the money? $860 mll of income should have been recorded for the month of December in the quarterly earnings report and I don't have the impression that it was recorded.
Also, the management is silent about this new Adverse Market Refinance Fee. They should have mentioned something in the SEC filing and the conference call.
This is evidence that the conservatorship is a state to misrepresent their financial condition, so that the stocks trade rock bottom.