Fannie Mae-No Politics (FNMA)

[Wise Man]

No, scammer. Both ideas are written in different sentences, separated by a full stop.
Fannie Mae says that:

Available capital excludes the stated value of the senior preferred stock.

Then,

we had positive net worth under GAAP $82 billion

You have lied, making up a quote from the company: "Regulatory Capital Requirements we had positive net worth under GAAP $82 billion. EXCLUDES the stated value of the Senior Preferred Stock $120.8 billion."

Besides, in your comment, you wrote the formulaic of Tier 1 capital, with the exclusion of "some portion of the DTAs", which can only be found in a different place of the Earnings report, in the table with all the numbers and in a footnote written in small letters, specifying that:

Deferred Tax Assets are deducted from capital to the extent they exceed 10% of common equity.

Obviously, you haven't read the small footnote and the table with the numbers.

The thing is that both FnF and you, received instructions to calculate the regulatory and statutory capital beginning with the Net Worth or Equity, in order to pass the NW off as capital available under the ERCF, instead of calculating it with the sum of its components, as per the definitions.
Also, this way, their $-84B Accumulated Retained Earnings account ($-216B adjusted for the offset attached to the SPS increased for free) goes unnoticed.