Fannie Mae Preferred S (FNMAS)

[44centsAKAchoccake]

[Does anyone think that opens the door to pay the jrs divi and then sweep TSY?]

I do.

Things will change once net investment is down to zero or less. In fact the "consensus" has already begun to change.

I've always said that FnF need to be small enough to fail. That is already in process. Drawing in private market capital is fine too. Raising the GFees is one good way to do that.

FnF, however, won't be completely replaced. They will likely have a role in the mortgage market going forward.

No FnF and no explicit or implicit guarantee would spell the end of the 30 year fixed rate mortgage. I don't see that happening.