Fannie Mae-No Politics (FNMA)

[Wise Man]

A MBS isn't the type of obligations the UST is authorized to purchase under the subsection (c) of the Charter, at a rate similar to Treasury yields (UST cheap backup of FnF)

Congress granted ONLY PURCHASE OF OBLIGATIONS (MBS)

Because the subsection (c) states: any obligation of subsection (b).
And the subsection (b) is about redeemable obligations, such as SPS (obligations in respect of Capital Stock), redeemable at the option of FnF as the nature of all the made-up hybrid financial instrument Preferred Stocks (redeemable is required by Basel, for instance) or repurchased on the "open market, at any time and at any price" stated in the same subsection, which is what FnF have done through the exception to the Restriction on Capital Distributions (dividends) in the FHEFSSA (as amended by HERA), through a Separate Account.
Thus, no actual dividend ever existed and the SPS have been repaid through capital distributions under the guise of dividends.
SPS fully repaid through the end of 2013 in Freddie Mac (image below) and end of 2014 in the case of Fannie Mae. So, when Calabra and Mnuchin heard of the Separate Account account and amended the SPS certificate in September 2019, in light of the SPSPA amendment days before, to write the OPTIONAL PAY DOWN OF SPS LP upon the termination of the commitment, the SPS were long gone. A futile attempt to thwart the Separate Account plan, primarily because it's authorized repurchases on the "open market" commented before (Separate Account)
The recent SPS increased for free are considered a joke: breach of the FHFA-C's Rehab power. Thus, the Common Equity is held in escrow until these gifted SPS are cancelled and the Retained Earnings is back up.

Was it a drill for the moment the DOJ pays you a visit? Playing the fool is your only option, pro se plaintiff.
MBS! He said MBS! The MBS are never redeemable obligations. You could have said their 30-year zero coupon callable Medium Term Notes (MTN)