Fannie Mae's net earnings for 2023 and 2024 were only $17.4B and $17B ... Freddie Mac's earnings for the same years were $10.5b and $11.9B ... recent P/E ratios for the S&P 500 are around 24 ... a small chunk of each for the government, and I mean a small chunk, would still turn our very nicely for them because investors WILL be willing to pay top dollar for these earnings and the dividends they will bring over the long term ... WITHOUT executing the warrants (legal nightmare and delay) and with cancelling the liquidation preference they could easily hold a combo of less than a billion shares (TOTAL - NOT of each) which would create intermediate term paper profits in the range of $200B WITHOUT screwing shareholders or ruining dividends per share ...
Fannie $17.4B earnings ... 1.16B shares ... 24 P/E (matching S&P 500) is rougly $360/share ... Freddie is more due to their much smaller share count ...
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