Fannie Mae-No Politics (FNMA)

[obiterdictum]

It is not in the white paper or anywhere else.

Profits do not necessarily flow 100% from subsidiary to parent company(ies). How profits are calculated and recorded depends on the amount of outstanding shares of the subsidiary the parent companies own. We have no info on GSE ownership of CSS shares.

But what makes you imagine the possibility that the retained portfolios (of repurchased MBS? residential mortgage loans?, etc.) will wind down to zero and that the government will absorb the guarantee business?

How do you think each could occur as the GSE continue to purchase mortgage loans?