Fannie Mae-No Politics (FNMA)

[capitalismforever]

Capital surplus isn't accounted towards shareholder equity. The liquidation value is typically discounted by 20% of shareholder equity in many cases. Because their assets are comprised mostly of tangible assets, the discount would probably be much less. To be safe, I'd calculate the LTV ratio of their assets as the bottom and give 100% value to their bonds. You can also completely discount the consolidated trust assets and debt as those are consolidated amounts that Fannie benefits from but is not obligated by.