Fannie Mae-No Politics (FNMA)

[Wise Man]

The FHFA provides the definition of Common Equity in its regulation.
12 CFR § 1240.20 (b)
https://www.law.cornell.edu/cfr/text/12/1240.20
Common Equity is the Book Value that corresponds to the common shareholders, hence BVPS, and the widely-used stock valuation for the minimum "fair compensation" longtime required by the Supreme Court in the case of a Taking of our stocks by a Government. So, a "fair value" regardless that under any other scenario the stocks trade at a multiple of EPS (target price), using a PE ratio (number of years to recover the investment via EPS), which depends on the revenue growth, the operating margins and gross margin.
This Common Equity as of September 30th, 2022, corresponds to a PER of 5.6 times with the annualized 3Q2022 EPS (a 3.5% div on the JPS was included), under the Charter revoked scenario or privatized system (TCCA fees and CRT, cancelled), which is the grounds in each of the 3 options outlined by the UST in February 2011 for a Housing Finance System revamp, a surprising metric chosen for its requirement of "recommendations on ending the Conservatorship" in the Dodd-Frank Law.
Now, the UST must deliver: which option is the one finally chosen, or is it option 4, a Taking today? The UST can't say now that what it really wanted is a Taking in 2012 because it didn't happen. The fact that the UST has waited until FnF are Adequately Capitalized, so that the stocks don't trade at a discount to their fair value (dilution effect in the Cs for stock offerings and a discount to par value in the JPS) was meant to not be accused of opportunistic Taking.
Notice that option 3 is the re-securitizations (Government reinsurance), recently implemented by FnF in what is considered a pilot program for this option 3, otherwise it doesn't make sense one GSE resecuritizing the collateral deposited by the other GSE.
Our negotiator has calculated this Common Equity in the scenario of Separate Account plan, similar to the FHLBanks' 1989 bailout by Congress (UST backup, 20%-of-profits installment deposited in a Separate Account and reinvested in zero coupon Treasuries for the repayment of the RefCorp obligation and interest payments. Although in FnF, SPS (obligations in Equity) pay dividends, which are restricted. Cumulative dividend though. Dividend rate severily hit in a final assessment, for the usage of a Warrant), which is the only plan that upholds all the statutory provisions and under the conservator's Incidental Power: "any action authorized by this section, in the best interests of FHFA" (FHFA chose obscurantism), pending the assessment of a compensation for moral and punitive damages by the DOJ and its accomplices in the Govt theft story, aiming to justify the stock price manipulation: plaintiffs, attorneys in private law firms, financial analysts, large Wall Street firms (advisors), etc.

FHFA'S DEFINITION OF COMMON EQUITY 12CFR1240.20(b)
Cs,net of Treasury stock(buybacks)
+APIC
+Retained Earnings
+AOCI
I assessed it:
CE June 2008
+Adjusted Cumulative Total Comprehensive Income(TCI)=
CI (Retained Earnings)+AOCI(unrealized gains)
+CRT expenses turned RE.#Fanniegate https://t.co/ejNSNH825l

— Conservatives against Trump (@CarlosVignote) December 30, 2022