Fannie Mae-No Politics (FNMA)

[Wise Man]

BOOM. Dividends are recorded as Changes in Equity.
As per the definition of this financial concept: a distribution of Earnings and Retained Earnings is Common Equity for the CET1 that has to meet the capital requirements.
They aren't interest payments (expenses result of operations) without restrictions.
Freddie Mac during the NWS dividend.


This is why there are Payout ratios (percentage of Net Income that can be paid out) that limit the amount that can be distributed to the Equity holders as dividend, that is an addition to the overall restriction when a financial company is undercapitalized.
Capital Rule ERCF:


We are talking about dividend payments that have been paid out when there is Accumulated Deficit Retained Earnings account, evidence in itself of Separate Account, as you can't distribute what you don't have, which is different from using this account to charge the annual losses, when it can have a negative balance (deficit).
They were assessments sent to UST in the form of capital distributions. No actual dividend was ever paid by any stretch of the imagination.
FHFA's Wall Street law firm: "Dividend obligation" in an attempt to turn dividends into interest payments. That doesn't exist in this world.
Restricted and unavailable funds for distribution.
Cumulative dividend as per the original rate similar to UST (0.5% spread) in the Charter Act: it's netted out with the interests on the $152B owed to FnF.