Fannie Mae-No Politics (FNMA)

[The Man With No Name]

These capital classification measures exclude the funds provided to us by Treasury pursuant to the senior preferred stock purchase agreement, as the senior preferred stock does not qualify as core capital due to its cumulative dividend provisions.

https://www.fanniemae.com/media/51246/display

Writing down the SPS means no release within the next 4 years, for those of you hoping for that. A conversion on the other hand, makes it possible.