Fannie Mae-No Politics (FNMA)

[Wise Man]

A dividend is a distribution of earnings.
Did you know that? But not just earnings in the quarter, but Retained Earnings, that is, accumulated earnings in the balance sheet.
Not even one quarter this premise was met: dividends out of losses, not enough Net Income, and, above all, the Retained Earning account is still in Deficit. Huh?
You can't pretend that it was interest payments.
This is why I'm considering it capital distributions applied towards the exceptions in the law and the CFR1237.12.
Reduce the SPS and Recap/build Net Worth, which complies with its mandate as conservator (put FnF in a sound and solvent condition)

Do you know that a dividend and a payment with SPS like today, are capital distributions? Then, restricted when FnF are undercapitalized.
Do you know something about Finance?
Why don't you take a course in Finance instead of writing here all day?