Fannie Mae-No Politics (FNMA)

[Wise Man]

A dividend is "Changes in Equity or Net Worth".
It's not interest payments: an expense in the Income Statement.

A dividend is a capital distribution: distribution of Earnings. Thus, what we are talking about is funds taken from the Retained Earnings account, because it's the Equity in the Balance Sheet and the picture of a company at a determined date. An account that needs to have at least positive balance (let alone the requirements for dividend payments in the Table 8: Payout ratio). So, it's impossible with Accumulated Deficit all along, for the sake of distributing what you hold beforehand.
Freddie Mac:


Changes in Equity or Net Worth Activity table, also with the ongoing NWS 2.0, concealed by FnF in their Balance Sheets, that are reluctant to record it:


Both, capital distributions number 1. Then, restricted.