Fannie Mae-No Politics (FNMA)

[Wise Man]

Same Financial Statement fraud: SPS LP increased for free and its offset with reduction of Retained Earnings in the same amount, are missing in their Balance Sheets.
If Fannie Mae states that

we had positive net worth under GAAP $82 billion.

Is because the figure if $82B is the only thing accurate under GAAP.
What is Financial Statement fraud is the components of this Net Worth. That is, the financial statement called Balance Sheet (picture of a company at a determined date).

Fannie Mae posts the same SPS LP, $121B.
The actual SPS LP outstanding stands at $203B, including the $4.3B SPS LP scheduled to be increased for free on June 30, corresponding to the $4.3B Net Worth increase in Q1. Under accounting rules, they must show up as of March 31, as no cash is expected to receive.
That is, $83B SPS LP and its offset with reduction of $83B in the Retained Earnings account, are missing.
Once both are posted, the statement:

we had positive net worth under GAAP $82 billion.

was true at the time, because the Net Worth is still $82B under GAAP.
What has changed is the existence of a Common Equity Sweep, when it's substituted for SPS LP.
A NWS 2.0.