Fannie Mae-No Politics (FNMA)

[feralcomprehension]

IMO the different handling was entirely motivated by politics. FnF were vastly powerful ($10-$20B in annual profits will do that) and consequently had very powerful enemies.

When it comes down to it, there was a significant political component to the final draw total as well- certain subjective accounting items (loan loss reserves) were pumped up via worst-case scenarios, causing larger draws, which caused larger div requirements, which caused larger draws, etc...