Excellent DD, thanks for posting that. yes treasury money slowly has been paying down. Also they cannot take all the profit. each year 10% of the amount of bailout money the Treasury gets as dividend. for example. The Treasury gave 117 billion dollars to FNMA. they can take 11.7 billion dollars each year as dividend. If FNMA made 40 billion dollars profit this year they will pay just 11.7 billion dollars as dividend. The rest will be the company's asset. REMEMBER the company made 17.2 billion dollars net profit in 2012 and paid 11.7 billion dollars as dividend. 5.6 billion dollars left for the company.
EVENTUALLY FNMA FULLY WILL BE OWN BY SHAREHOLDERS. NOW WE ARE OWN 21% OF FNMA
There is a GSE draw for the US Treasury for operations and agreements. There are dividends given to the US Treasury per agreement. The conditions of how the draw occurs and under what conditions, what amount is available for the draw, and what amount of dividends that are allowed to be taken from profits made and to be given to and received by US Treasury and until when this process will go on is made by the US Treasury in the SPSPAs.
What is being paid down? What is owed? Where is that stated? "Owed" in quotations marks is an opinion or interpretation?
This fiscal arrangement only allows one to say that the amount of dividends given is approaching the amount of the draw taken and that if dividends continue they may eventually exceed the the total amount of the draw taken.
The increasing value of the initial shares concerns the US Treasury's liquidation preference. The liquidation preference is another matter.
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