Fannie Mae-No Politics (FNMA)

[Here I am]

That's correct, DIVIDENDS AREN'T ALLOWED BY HERA in the section: Restriction on Capital Distributions, and there's only one exception: a dividend for the "purchase of shares or ownership interest (the SPS are Equity) that will reduce the obligations (the SPS are obligations)"
See my article here.
Later, in July 2011, the FHFA approved 4 exceptions that allow paying dividends. None of them are met with the Treasury's credit line because it increases FnF's obligations (debentures). Not even the 4th one: "in the public interest". The interest of the public is to recapitalize FnF in order to protect the taxpayer, not steal money from private companies.
Furthermore, a dividend doesn't comply with the Conservator's Power "put FnF in a sound and solvent condition" because it depletes capital.
But the first exception in the CFR, signals "to meet their risk-based capital levels", which means a dividend for their recapitalization.
By the way, the Conservator's Incidental Power: "take any action in the best interests of the enterprises and the FHFA", the White House, Kavanaugh, etc, have already said that the FHFA, as Conservator, is a private entity and not a U.S. Agency.