Fannie Mae Preferred S (FNMAS)

[Joe Stocks]

20cents, Congratulations! You coined a new phrase!

"book+capital+per+share"

Googled it because I don't understand what you are trying to say and got 2 hits! Yours and one other. However, perhaps you could use more standard accounting terms so you are easier to understand.

In summary of what I originally tried to point out is that due to the structure of the PSPA I think we may need to now indirectly payoff that new debt before we will see any more dividends sent to the government - reaching net investment now may be further down the road. $50 some billion in new debt has to affect shareholder equity on the balance sheet, just as much as a $50 bil dividend paid out to UST reduces shareholder equity.

I am curious how they treat this issue on the balance sheet. I look forward to the next 10Q. I hope I am wrong, but book wise I don't see how it would work any other way.