Fannie Mae-No Politics (FNMA)

[Wise Man]

(*)$178B profit assumes that the UST collects their Deferred Income, net ($48B), in the case that there is an Accounting Standard change (the Upfront g-fee or LLPA, is renamed Delivery fee), through a higher PE multiple in the resale price.
Then, the prospective buyers are the ones that amortize the Deferred Income, gross ($61B), in one fell swoop, and it's when they recover the overprice paid through a special dividend if they wish, when the PE ratio drops. This is why the PER 10 and 12 times, are effective PERs.