61 billion? Is it not greater than that? How was that number arrived from the data in the A&M valuation?
Is it not $171.375 billion in cash before statutory taxes and $109.012 billion in cash after statutory taxes at 35%?
The posting of Accrued Dividends and Dividends Payable in the amounts of $10.243 billion and $30.436 billion for Fannie Mae and Freddie Mac respectively in the report on various pages with notes are the only mentions that I could find.
Otherwise, there is nothing related to the investment made by the US Treasury or further dividends paid by the GSEs. There is an assumption that nothing more will be paid on these accounts through to 2023. Equity is not broken down into stockholder equity categories.
Did you find anything in the report related to "infusion (sr pfd) and the 10% and the Sweep" I did not. As far as it goes, there is no dealing with the US Treasury investment, beyond the dividends accrued and payable that was found on the consolidated balance sheets for June 30, 2013 and September 30, 2013 for Fannie and Freddie respectively and posted in their report.
In a liquidation analysis, there are assumptions that every thing is runoff and sold and the net cash at the end gets distributed according to an order of priority. At 109 billion, who gets how much in 2023?
The report gives no indication.
What do you imagine the distribution will be in 2023 considering A&M's expressed limitations of the analysis?
I have no suggestion on this. Ten years away in a GSE liquidation, though a possibility, is still a very distant one on my event horizon.
There are not enough signs for me that point to this as the way it will go.
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