Fannie Mae-No Politics (FNMA)

[Wise Man]

And 2.5% requirement of Adjusted Total Assets refers to Tier 1 Capital in the Capital Rule, pursuant to the FHEFSSA (not HERA)
There is no "required minimum" of CET1 for the Leverage ratio of the Capital rule as you claim.

What is important is that CET1 meets the required minimum. This minimum (FnF combined) is currently about $195 billion (= 2.5% HERA minimum of total assets).

Tier 1 Capital = CET1 + AT1 Capital (JPS)
It's only in the Risk-Based Capital requirement, with CET1 > 4.5% of Risk-Weighted Assets (RWA). Notice the difference? The RWA in FnF, are far lower than the Adjusted Total Assets. So, 4.5% is fine.

A different theme, is what Mnuchin and Calabria required for the release, a CET1 > 3% of Total Assets. So, outside the Capital Rule (ERCF).
A clear attempt to force a conversion JPS for Common Stocks and it was ruled out. Instead, it's been de facto lowered to CET1 > 2.5% of Adjusted Total Assets, which Fannie Mae that was lagging, surpassed with the 3Q2023 results. A key milestone chosen because it enables the redemption of JPS (AT1 Capital) and then, FnF would still meet the minimum requirement of Tier 1 Capital > 2.5% of Adjusted Total Assets in the Capital Rule, which is all that matters, not Mnuchin's stance in the Treasury restructuring shop (wannabe Moelis) hand in hand with the ambitious Calabria, to create their own rules for the assault on the ownership of FnF (common stock)

So, you don't even know what you are talking about and you can't follow the debate, despite of reading the correct stance in my comment that you were replying to, plus in the ERCF tables attached that I told you in the comment that you should look at.
The thing is that it isn't the first time that I call you out for not understanding the capital metrics.