Fannie Mae-No Politics (FNMA)

[Wise Man]

Yes, but don't call it a loan because it's a security. The Preferred Stocks are "obligations with respect to Capital", according to the Treasury in the SPSPA. You can call them Capital Notes.
The specifications of the security is the key. It's what makes a simple obligation, Capital (the ability to suspend the dividend payments at the discretion of the BOD, which is justified only when they are undercapitalized) and Equity (the Liquidation Right). Without those items, the JPS would be called obligations, recorded as Debt and wouldn't be accounted for in the Core Capital.
In order to not be trapped again in any Restriction On Capital Distributions (dividends) like HERA, is why now in CARES Act the taxpayer assistance is a pure loan and the equity that the Treasury requires is a warrant, adding in the legislation that it's meant to participate in the upside, because with FnF the warrant was authorized "to protect the taxpayer" (from losses in its investment), meaning that when the SPS are repaid (redeemed), the warrant, as collateral, must be cancelled and not used to make money.
Also a Preferred Stock doesn't participate in the upside.
With FnF, the Treasury burned its fingers.