Fannie Mae-No Politics (FNMA)

[Bryndon]

I’ve had some questions regarding the process I used in calculating the unwinding of the net worth sweep. So, here’s what I did.
Starting with the first quarter of 2013, using the companies’ 10-ks and -Qs, I constructed a worksheet for each company, by quarter, showing how the senior preferred stock and retained earnings accounts were affected by the NWS, and how they would be affected by unwinding the NWS. The following link is an example of this process:

https://drive.google.com/file/d/1Cy24ExgcyiFWlNpr_A4CGOVHbkV50NgC/view?usp=sharing

Also, here’s what the consolidated statements of changes in equity would look like on January 1, 2021 if the NWS was unwound:

https://drive.google.com/file/d/1sMsVbjGxgyy6XKux4kRbQIaIy_cD8ERO/view?usp=sharing