Fannie Mae-No Politics (FNMA)

[Wise Man]

You mistake Capital for Net Worth (Equity)
Capital is a formula for regulatory or statutory purposes. The NW is what is written on the balance sheet, difference between assets and liabilities.
For instance, the SPS are Equity but they are not recorded as Core Capital, unlike the JPS.
Their current Core Capital is (negative) - $151 billion together.
Their Net Worth is $49 billion but, with the adjustments when the SPS are increased for free(reduction of Retained Earnings) , which isn't being done by the companies, the NW is $49 billion worth of SPS, as FnF wouldn't have built up any Capital (Retained Earnings)
The Core Capital remains stuck at -$151 billion.