Fannie Mae-No Politics (FNMA)

[Forrest Gump Luck]

You know how insurance companies can have bad years and be premium negative, but they still make money? How does all the capital backing factor into:
A. Valuation. It seems like Fnma has 85$ per common share in cash. (Assuming current number is 85B, it’s been a little while since I checked.)
B. Is there income made on the capital?
C. How do they make money on capital and assuming they don’t how do the hedge inflation and currency fluctuation risk?