Fannie Mae-No Politics (FNMA)

[Wise Man]

It has all to do with the Privatized Housing Finance System revamp, chosen for the release in 2011 at the request of the Dodd-Frank law, and the fact that the FHFA already carried out a "membership cleansing" with the FHLBanks in a 2016 Final Rule: "Wind down their affairs with the captive insurers."
This is achieved once FnF fetch a CET1 > 2.5% of the Adjusted Total Assets, so the JPS can be redeemed, complying with Tier 1 >2.5% of ATA afterwards (ERCF).
The laggard Fannie Mae achieved this threshold with the 3Q 2023 results, under the Separate Account plan. But then, the threshold for the resumption of the dividend payments (25% of the Prescribed Capital Buffer.Table 8: Payout ratio) wasn't met yet (22%. Whereas Freddie Mac, 69%).
With the recent 4Q 2023 Earnings reports, 40% (Freddie Mac, 102%). Leverage ratio.
Never underestimate the Incidental Power: "Zing!".
Although the Congress might not want that FnF be acquired by other players, even with the profitable scenario of doing it through a Taking at BV by the UST as an interim phase, and FnF would be released as is.
Too late. The redemption of the JPS is now a corporate decision regardless.

That's the reason of the 15 years and 5 months.