If the Govt can change the terms of the Sr. Preferred to adjust the dividend up to 100%, then they can also change the terms in many other ways. Last week's Jumpstart Bill implies that the Treasury has the power to sell Sr. Preferred. Under the C-ship agreement, the FHFA must release the entities from C-ship when they reach a safe and sound condition. Fannie is about to report a profit of astronomical proportions. Safe and sound?