Fannie Mae-No Politics (FNMA)

[Wise Man]

I guess you are talking about Dick Bove, who said that.
That's not the outcome of the 5th amendment to the Purchase Agreement.
It isn't an agreement to pay the NWS dividend in cash at a later date, as Bove claimed in order to justify that currently there's a charge on the Income Statement with the amount of the NW increase. Kind of recording the "cumulative" feature of the SPS's dividend.
That's false. The NWS cash dividend was switched for the NWS "in kind" dividend, that is, SPS issued for free or increase in the Liquidation Preference of the SPS. Then, it's not a cash payment, an expense for the shareholders, neither now nor in the future, and it can't appear on the Income Statement (Accounting Fraud)
The "cumulative" feature was waived.
Nothing about "future cash payment" but issuance of SPS now. Bove claims that later FnF will redeem the SPS and that's the postponed cash dividend. The redemption of the SPS in the future has nothing to do with the current dividend. It's a different operation. He's a crook.