Fannie Mae-No Politics (FNMA)

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Let's critically analyze this before jumping to conclusions.

"If and when the valuation allowance is released, it will be included as income and, as a result, we expect to report significant net income for the period in which we release the valuation allowance, with a corresponding increase in our net worth as of the end of that period. Had we released the valuation allowance as of December 31, 2012 , our 2012 net income would have increased by approximately $58.3 billion , with a corresponding increase in our net worth as of December 31, 2012. Our dividend obligation to Treasury on our senior preferred stock is the amount, if any, by which our net worth as of the end of the immediately preceding fiscal quarter exceeds an applicable capital reserve amount. Accordingly, we also expect to pay Treasury a significant dividend in the quarter following a release of the valuation allowance on our deferred tax assets."

"The applicable capital reserve amount will be $3.0 billion for each quarter of 2013 and will be reduced by $600 million annually until it reaches zero in 2018" - page 2 annual report

Dividend payment = Net worth (Previous quarterly earnings) - Capital Reserve ($3B)

So unless my calculations are off, then at best Fannie can keep $3B, the rest are swept to dividends, which we know do not count toward debt elimination.