Fannie Mae Preferred S (FNMAS)

[44centsAKAchoccake]

The MBS assets were moved to the Federal Reserve and Tsy circa 2008 when the world as we know it seemed to be coming to an end. Fed has really deep pockets. As it turns out, the MBS have recovered and Fed and Tsy have made a lot of money. If FnF got credit for the money that the Fed and Tsy have made, the economics of the FnF bailout would look a lot better.

Fed always passes profits to Tsy. I don't know exactly how it works, but I do know that.