Fannie Mae-No Politics (FNMA)

[imbellish]

I believe this is an under-stated part of the accounting side of the story, Carlos.

From your most recent post:

Unlike the initial $1B gifted SPS in each GSE that DOES appear, along with its corresponding offset (reduction of Additional Paid-In Capital account this time, now exhausted. Core Capital too)

Do you mean that the contra-account for subsequent gifting to the UST are not accounted for in Shareholder Equity on the balance sheet?