Fannie Mae-No Politics (FNMA)

[Donotunderstand]

For each Dividend Period from January 1, 2018, the “Dividend Amount”
for a Dividend Period means the amount, if any, by which the Net Worth Amount at the end of the immediately preceding fiscal
quarter exceeds zero.

If you have an argument - it is not with me

the words are clear

it is a dividend

and instead of the usual 5% or 10% or 15%

it says the dividend amount (think $ amount) for each period (think quarterly) is the amount ---- by which - Net worth (dollar) Amount at the end of the prior period was > 0 ---- i.e. every positive dollar earned

Is it interest ? No
Is it principal ? No

Is it swept - yup but so was the 10% swept -- that is the motion of going from F and F to Treasury
sorry - I am out of potential words and the courts understand this to be the dividend on Senior preferred stock as defined by the law