Fannie Mae-No Politics (FNMA)

[bcde]

"12 USC 4502(7) defines core capital; the only way FnF can raise their core capital amount is by retained earnings, issuing new common shares, and issuing non-cumulative preferred shares. Nothing else can count, not even contingent or convertible debt."

LOL, When was the last time FHFA followed any laws?
Or is it ever required for FHFA to follow any laws?

By definition core capital or equity capital is non-cumulative capital.

Then how is that cumulative SPS is counted as core capital or equity capital.