Fannie Mae Preferred S (FNMAS)

[camaro4me]

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"If there is concern that profits won't be sufficient to meet the $18 billion in annual dividends owed Treasury, a better amendment might have been to allow the GSEs to repay taxpayers by repurchasing senior preferred shares with any retained earnings.""

Isn't buying the senior preferreds from the treasury the same as paying them back? Unless of course, the GSEs convert the sr preferreds they purchased into commons of newco if they expect that to make more money.