Fannie Mae-No Politics (FNMA)

[Achilles deFlandres]

Originally it was a 10% dividend on the SPSPA which defined UST draw as the divi-basis as well as the liquidation preference on the shares. Comparing an admittedly egregious 10% dividend to what were actually interest rates on loans doesn't fit into my skillset because they are fundamentally different vehicles. Coupled with the fact that the conservator/regulator was free to do whatever it wants, changing the dividend rate from 10% of draw to $wipe was easy to do. you can find the history of SPSPA documents on the F&F websites.