Fannie Mae-No Politics (FNMA)

[Wise Man]

The Net Worth is important for the stock valuation of the capital stocks. You mistake it for a Debt restructuring as I told you before, Glen Bradford, aka LuLeVan.
You don't even know that the SPS outstanding are $312 billion, not the $191 billion that you claim will be swapped for commons. You miss the $118 billion gifted SPS absent from the balance sheet that carry an offset with reduction of Retained Earnings (CET1) that you haven't adjusted in the ERCF tables, despite being told so a thousand times. Like your buddy in this conspiracy, the JPS holder navycmdr, you never learn. Also, you miss the $2 billion gifted SPS that do appear.
So, if that were the case, only $118 billion (current Net Worth) could be swapped for common stocks and, due to the "restructuring" nature of this operation, the rest of SPS would be wiped out and also all the JPS outstanding (not enough Net Worth for them). Therefore, we see that the SPS need the common stocks for their monetization and they always have some residual value as they represent a legal claim on future earnings. But the thing is that this restructuring, along with the cancellation of the Warrant that the UST got for free, would end up boosting the common stock price. So, it's like the "Treasury restructuring shop", a wannabe Moelis shop, fell into its own trap of decapitalizing FnF in collusion with the JPS holders, for the assault on the ownership of FnF (common stocks)
You don't know that the capital won't rise 1:1 with the conversion for commons, because FnF would have to pay taxes.
It's pathetic to see how sophisticated investors use you to transmit their proposal of the pillaging of FnF.
Above all, you don't understand the financial concepts of dividend (a distribution of earnings. There weren't funds available for distribution with an Accumulated Deficit Retained Earnings account), capital distribution (dividends, today's gifted SPS and today's payment of Securities Litigation judgment that has already been recorded), the mandate to put FnF in a sound and solvent condition (conservator's power), the UST backup of FnF in the Charter Act, at special rates (Hello?), etc., so you don't understand what has happened in the last 15 years, along with the fact that the law doesn't authorize stealing capital from the enterprises. Justice Alito and judge Willett simply authorized the Separate Account plan that is rehabilitating FnF on the sidelines.
The financial rehabilitation has not been satisfied with the current adjusted Balance Sheet (adjusted for the Financial Statement fraud with the gifted SPS absent from the balance sheet that you claim they are off-balance sheet operations, ignoring that it's false and, secondly, if that were the case, FnF present the results of these "off-balance sheet arrangements" on a consolidated basis in their Balance Sheets, like currently their multi-trillion-dollar MBS trusts, where mortgages and MBSs are deposited. They do appear on the balance sheet)
This isn't about how you rehabilitate FnF today, but it's been 15 years in the making, in what has been a Conservatorship.

Let alone that you don't get that the capital requirements are mandated in the FHEFSSA, not in HERA that simply inserted amendments in the FHEFSSA, as I explained on this board, but you never learn because you are here on a mission.

2.5% HERA minimum of total assets

Like a 10-year-old kid would say, you claim that FnF would raise capital with stock offerings to guarantee an annual return to the low profile investors behind you, lying in wait. Now, 15 years into a conservatorship, after $430 billion capital was generated.
Good boy!