Replies to post #2223 on Fannie Mae Preferred S (FNMAS)

[44centsAKAchoccake]

Some basic assumptions

Net investment owed to taxpayers is what matters (now about $137b).

Taxpayers must be repaid first (sweep of net income to taxapayers is ok).

Fannie and Freddie's earnings will continue to recover.

There hasn't been a taking--yet.

The preferreds are different from the commons--eventually it will make sense to restore our dividends.