Fannie Mae-No Politics (FNMA)

[Wise Man]

kthomp10 obsessed with HERA for concealment of the FHEFSSA and the Charter Act.
Just like the DOJ attorneys: "As of the passage of HERA....."
Coincidence?

They don't count towards core capital because HERA's definition of core capital doesn't include cumulative preferred shares.

The definitions of the capital metrics are set forth in the FHEFSSA of 1992. A law enacted exclusively for capital ratios in FnF for the first time and thus, the definitions of each concept.
HERA simply inserted amendments. So, the laws in force are the same as before: FHEFSSA and Charter Act. HERA isn't a law in itself.
The objective is to conceal the statutory provisions that weren't amended by HERA:
-The special rate on the SPS (any redeemable obligation) "taking into consideration the Treasury yields as of the end of the month preceding the purchase."
-Their Public Mission (section: Purposes) and the aforementioned UST backup as a result, and as a last resort (section: Purposes. "Operations financed by private capital to the maximum extent feasible"). FnF are not ordinary businesses.
-The Fee Limitation of United States (Then, there is Bradford obsessed with using FnF to fund the government)
-The definitions related to capital. This way, they can claim that the capital requirements are met with the Net Worth, instead of Core Capital or Total Capital. Even written in the SPSPA: "Capital Reserve End Date". This is why Mnuchin's Treasury recommended the Congress to repeal the statutory definitions related to capital.

Or, the concealment of what HERA struck, which is very important to see the intentionality to carry out a conspiracy from the onset:
-Provison IMPLEMENTATION: the typical 18-month time frame given to a Federal Agency to implement what was required by law, like a new Risk-Based Capital requirement and an authorization to change the Leverage ratio.
People would have spotted that the Capital Rule Basel framework, was related to the UST's 3-option plan for a Privatized Housing Finance System revamp, that it came up with, when the Dodd-Frank Law of 2010 required the UST "recommendations on ending the conservatorships, no later than January 31, 2011".
-The mandatory release Undercapitalized: when the Core Capital is greater than the minimum Leverage ratio. Which implies building capital to that end, just in case you don't know that it's expressly written in the conservator's Rehab power.