Fannie Mae (FNMA)

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Lol, this is so dumb, don't know which law you are referring to but I imagine it is something along the lines of, "if you don't pay on debt within a time frame and the owner of the loan takes no action against you then the debt is cancelled." This is very different from a situation where the company is unable to pay debt but has a non-cumulative dividend, none can be paid and none is owed until capital is reinstated.
Additionally, the myriad of lawsuits can easily be construed as an "action to get paid" therefore the debt is not cancelled (even if we remove the first reason on why what you said is illogical).