Fannie Mae-No Politics (FNMA)

[kthomp19]

When the $3B capital buffer was instated, Treasury's liquidation preference (senior preferred balance) in each company increased by $3B.

Any time money is drawn from Treasury the liquidation preference increases by that amount. So yes, FnF "owe" the $187.5B they originally drew from Treasury plus $6B combined from the December 21 letter agreement plus any money they end up taking as draws on March 31.