Fannie Mae (FNMA)

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FNMA has no debt to the Treasury and taxpayers. Because the US treasury invested money and got senior preferred shares (not junior preferred shares, FNMAS, AT THIS STAGE THERE IS NO DIFFERENCES BETWEEN JUNIOR PREFERRED SHARES AND COMMON SHARES. BECAUSE JUNIOR PREFERRED SHARES ARE NOT GETTING ANY DIVIDEND THE ONLY DIFFERENCES JUNIOR PREFERRED SHARE PRICE 7 TIMES HIGHER THAN FNMA COMMON SHARES.) Also they dictate to FNMA to pay huge amount of dividend. They received 95 billion dollars dividend so far because of 117.1 billion dollars investment within 4 years. Nice return, any hedge fund didn't make that amount of return within 4 years. Now if the treasury wants they can sell their senior preferred shares and walk away with huge amount of return. Mr. Market is ready to buy them or the company can buy back those shares as well because FNMA CEO said they company will be profitable next few years because of high quality mortgage securities.