Fannie Mae-No Politics (FNMA)

[Wise Man]

JPS are redeemed, like SPS, not converted to Commons.
This is the chart of a Non-Cumulative dividend JPS with the dividend suspended, assuming that Fannie Mae fetched the threshold 25% of Prescribed Capital Buffer for the dividend resumption (Table 8: Payout ratio), with the 3Q2022 Earnings report.
It's been estimated a 6% annual discount rate because this is what the market would have demanded.
Freddie Mac, one year earlier.
Nowadays, in overtime (Conservator Risk: "Take any action authorized by this section, in the best interests of the Agency". FHFA-C's Incidental Power) with the expulsion of the unwanted members (AT1 capital instruments holders -JPS), in time for the announcement of a Privatized Housing Finance System revamp chosen for the release by the UST in 2011, at the request of the Dodd-Frank law, which is only possible when CET1 > 2.5% of ATA, in accordance with the law and Finance (Separate Account plan).