Fannie Mae-No Politics (FNMA)

[Wise Man]

FHFA has worked hard to satisfy the Basel Framework for Capital requirements it adopted, as mandated by the U.S. Treasury that established a Privatized Housing Finance System (which means FnF's Charter, revoked, because the UST backup of FnF would be pointless) in a Report to Congress, as "recommendations on ending the Conservatorship, no later than January 31, 2011", at the request of the Dodd-Frank law.
The "post conservatorship world" that you point out, is already written in stone with the aforementioned UST's 3-option plan for Housing Finance and now it's up to Congress to choose which is the ultimate option.
DeMarco kick-started it soon after, outlining the grounds for this Housing Finance System revamp:

Then, the CSP, UMBS, pilot programs with the States' Housing Finance Agencies (HFAs) and, in June 2022, Freddie Mac unveiled the Resecuritizations for the option 3: Government Catastrophic-Loss Reinsurance, priced at 9.375 bps. Or private reinsurance and thus, option 1 or 2.
The same law, Dodd-Frank, that requires FnF to post an annual Stress Test. Another binding law covered up by the gang DOJ-Plaintiffs.

Capital Rule effective February 16, 2021. It came out too late, because HERA didn't put a time frame when it struck the Risk-Based Capital requirement in the FHEFSSA and authorized the Director to change the Minimum Leverage Capital requirement. It has taken 13 years to copy-paste the Basel Framework, yet it kept the ERCF tables secret till January 1, 2022, so they don't show up in the FHFA 2021 Report to Congress.
Anyway, we didn't need the exact capital requirements while FnF had a long way to become fully Recap. It has never been an issue, although I had to start posting my estimation years before.
FHFA refuses to post the statutory Critical Capital level, more evidence that the Charter will be revoked, since in a post conservatorship world, FnF would be bound just by Basel, not by the FHEFSSA anymore.
Also, it's being carried out twisted, since the FHFA Director hints that the Capital requirements are met with the Net Worth called Capital Reserve, not with the regulatory Capital metrics the FHFA has just approved.

Let alone the Financial Statement fraud (gifted SPS absent from the Balance Sheets, in order to don't post the offset with Reduction of Retained Earnings, like occurred with the initial $1B SPS issued for free, debited from APIC at the time) with the objective to don't see that the adjusted available capital is far lower than the figures reported, already deep in the red (adjusted $-194 billion Core Capital combined)
A felony that you continue to provide the coverup, again in this post:

a growing leash of retaining earnings which the gses are meant to eventually break and go recap and release

Quit praising the FHFA at the same time you harass the common shareholders with this ID, LuLeVan and The Man With No Name.
A JPS needs the Common Equity to succeed (it fetches the par value only once the dividend payment is resumed, otherwise remains as today, trading at a discount to par value, due to the time value of money. 6% annual discount rate). Table 8 Payout ratio: FnF have to meet 25% of the Capital Buffer to resume the dividend payments.
The Common Equity belongs to the Common Shareholders.