Fannie Mae-No Politics (FNMA)

[kthomp19]

I have no idea how accurate the balance sheets are on any of these sites. It could be that there are several lines wrong on them.

I would highly recommend that you just look at the source directly. That's a link to Fannie's 2023 Q3 10-Q form.

By doing a search for the term "liquidation preference" you should be able to corroborate that:

1) The total LP was $190.5B as of September 30 2023 (page 19).
2) The on balance sheet LP was $120.836B (page 63).
3) And therefore the off balance sheet LP was the difference, or $69.7B.

Regardless, the real point is - where is the liquidation preference? If it's just in a bucket of shareholder equity with no reference to the fact the LP is far above senior's par value, then it's shenanigans.

Since all the relevant information is in a publicly available SEC filing, I wouldn't call it shenanigans. The on-balance sheet LP values have been publicly reported every quarter since conservatorship started, and the off-balance sheet LP values have been publicly reported every quarter since they started accumulating in Q3 2019 with the signing of that letter agreement.



Here is a link to Freddie's 2023 Q3 10-Q form which you can also search for the term "liquidation preference". They are nice enough to put both pieces of information in one place, in the balance sheet on page 48.

The "Senior preferred stock" line will show you that Freddie's total SPS LP on September 30 2023 was $114.605B, with $72.648B of that being on the balance sheet. That leaves right around $42B of off-balance sheet LP.