 Fannie Mae FNMAS FNMA builds capital to exit the conservatorship. Inertia works for the company as the balance sheet ramps up. Needs 113b, retained 57b. Lets fill the gap. The Govt. owns 80 of equity via warrants and can exercise them to earn 72b on Fannie Mae alone and 100b total on Fannie Mae Freddie Mac FMCC FMCKJ. 