Fannie Mae-No Politics (FNMA)

[bmp152]

Very true. As many others have pointed out, FnF will be lucky to get $40-50B of the sought amount. You are also correct that most of the money gets swept to Treasury.

However, every dollar (or billion) earned is another step closer to net zero. I think hitting that mark will be a huge psychological switch in the way the public, Congress, and the market perceives FnF. You can argue that in the end, those figures don't matter but there's a distinct reason the amount "borrowed" vs amount paid in dividends is always reported.