A more truthful statement might have been to more correctly state that conservatorship shields Freddie's metrics from the effects of paying dividends to preferred and common shareholders which, if fully considered against pre-conservatorship equivalents, actually look like dogshit.
It is this type of rubbish from management that impedes any intelligent basis for eventual reform or release because it hides the truth from those that need to comprehend the challenges to eventually fix them in a pro-active way. It's just like McFarland's crap about positive 10 year earnings in one sentence, followed later by "We're not there yet" or something to that effect.
JMHO.
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