FNMA -- I'm not really optimistic for the very short term based on the earnings. I think this will become a focal point over the course of the day:
The applicable capital reserve amount will be $3.0 billion for 2013 and will be reduced by $600 million each year until it reaches zero on January 1, 2018. For each dividend period beginning in 2018, the dividend amount will be the entire amount of our net worth, if any, as of the end of the immediately preceding fiscal quarter. Based on the terms of the senior preferred stock purchase agreement with Treasury, we expect to pay Treasury a dividend for the second quarter of 2013 of $ 59.4 billion by June 30, 2013. Accordingly, our net worth, on a pro forma basis as of March 31, 2013, adjusted for the dividend to be paid by June 30, 2013, is $ 3.0 billion , the applicable capital reserve amount.
Still think it's a great long term play, and the conservatorship will eventually turn in the investors' favor. But today... I don't know. The horizon for now is just waiting again. The DTAs are out. Now... gotta wait on the government.