Things are not always what they seem in the labyrinth. With the GSE's required to hold much more capital it's very unlikely they would have paid any dividends. In fact, If the NWS over the Treasury capital infusion was returned today with the SPS deemed paid and warrants extinguished along with a release from conservatorship under consent decree there wouldn't be any dividends paid to anyone until the current Cet-1 capital requirement was met. That's legal under the terms of JPS debt contracts which moots the JPS claims for past optional JPS dividends.
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