Fannie Mae Preferred S (FNMAS)

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The $250B is the remaining retained portfolio which is always offset with borrowings. But it's not available for a recap (beyond a PV of future net to be recapitalized) or anything more than a way to help stabilize MBS prices and hold some assets that may not be as liquid generally.

The question is: once the Federal Reserve starts selling its F/F MBS, who will the buyers be?

In the past F/F soaked up the market excess to keep mortgage rates low. Lately its been the Federal Reserve. In the future...I guess we find out. Or see higher mortgage rates, even more so than we will see due to the natural bond market cycle (and that's heading up already as we know.)