You missed my point, entirely. It is hypocrisy to say that in one year Fannie was cheated by marking-to-market impaired assets, then later claiming that revaluing those assets in an improving real estate market means the draws advanced by Treasury don't need to be paid back.
The assets were marked down and marked up by applying equivalent standards imposed by government. There was NO SWEEP when the impaired assets were written down. Only a huge draw from government given to the GSEs. So, when the assets go back up, why would the government be either unfair or criminally-driven to demand their return?
What we have here is a three part harmony being sung by shareholders.
1. We didn't want any bailout and didn't need it.
2. Now that we got it, anyway, we don't want to give it back.
3. When the assets were marked down, it was government's fault.
Now, marking them back up and taking them as profit is also the government's fault.
"We, the shareholders, only want to TAKE. We certainly don't want to pay anything back. See, that way, WE get to keep more money for ourselves."
JMHO.
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