Fannie Mae-No Politics (FNMA)

[Wise Man]

An Efficient Market assumes that the stocks discount all available information. Then, the market value is the fair value of the stocks.
But this doesn't happen with the FnF stocks.
Fanniegate is all about the concealment of the key statutory provisions and financial concepts in frivolous lawsuits and the shills on social media, besides outright illegal actions to the same end: misrepresent their financial condition. For instance, the Charter-unauthorized CRT operations or the SPS increased for free absent from the Balance Sheets (Financial Statement fraud) because it would wipe out your big lie of "Retained Earnings", and make FnF post $0 EPS every quarter. Calculate the fair value with that!
And the most important concealment of all: that the 2021 Capital Rule is intertwined with the 2011 UST Report to Congress with a Privatized Housing Finance System for the release from conservatorship, demanded in the Dodd-Frank of 2010.
Yesterday I commented that the absence in the FHEFSSA of the typical section 18-MONTH IMPLEMENTATION is key in the plan of concealment, as it would have avoided the 11-year gap between the requirement by law of a new Risk-Based Capital requirement, plus an authority to introduce changes, and the date of publication of the Capital Rule.
Also, my comment denounces the 3 posters that aimed to conceal that the 2021 Capital Rule exists; But then, there is Navy Hedge Fund, in charge of concealing the first leg of the overall Conservatorship: the actual mandate to Treasury by law in 2010, in your four-part sequel "Navycmdr never learns". A mandate to establish the endpoint of the Conservatorship with a 3-option Housing Finance System revamp, that we are heading to since then. Latest, the Capital Rule was amended (Federal Register publish Date: November 30th, 2023) to include the case of Commingled Securities (Resecuritizations). A security that was unveiled by Freddie Mac for the first time in June 2022, and suitable for the Government Catastrophic-Loss Reinsurance in the third option of the 2011 3-option plan for the release. Although it can be private Reinsurance for the options 1 and 2.

An important concealment, because it demonstrates that the conservatorship turned out to be the typical Transition Period to build capital, given to any financial company that has its capital rule amended (like the 5 years for the banks with the recent changes by the Federal Reserve/FDIC and the 10 years that the Congress gave to the FHA)
Just in case you know nothing about the FHFA-C's Rehab power and the Restriction on capital distribution to the same end. Besides the prior Mandatory Release Undercapitalized in the FHEFSSA, that also implies a recapitalization process, struck by Calabria/Pelosi's HERA.
Though, FnF could have been released well before at the discretion of the Director, but it seems we are heading to the scenario of clean Housing Finance System revamp, getting rid of the unwanted JPS holders (AT1 Capital instruments) for sure, and for that, it's necessary a CET1 > 2.5% of Adjusted Total Assets. A threshold that the laggard Fannie Mae met with the 3Q2023 earnings report.
Pending what to do with the existing shareholder: either a scenario of Takings/resale to players in Housing Finance; "as is" or a takeover at a price that includes the Deferred Income, net.

It seems that your Happy Emoji reality of

$DAMAGE AWARD $ALLOCATION $PLAN & $RETAINED $EARNINGS

is based on corruption and fraud. A farce that you continuously and shamelessly promote as accessory (📬️).
The Efficient Markets hypothesis has not been satisfied.
This is why I've come up with an adjusted fair value for the common stocks in either of the 3 scenarios mentioned, under a Privatized Housing Finance System, regardless of the ultimate option chosen by the Congress, out of the three laid out by the Treasury in 2011.
And a fair value the JPS.
Everything would be adjusted. Something the plotters didn't count on.