Fannie Mae-No Politics (FNMA)

[Commons_Cancelled]

CET1 isn't specific to Fannie & Freddie, it applies to all financial institutions.

The GSEs can't offer new Preferreds unless they want to pay Dividends to existing Jr. Preferreds. Unless of course they can sell new Preferreds with no Dividend for 2-3 years (who would buy that?).

But even then, those Preferreds would not count towards CET1 as per the definition of CET1.