Fannie Mae-No Politics (FNMA)

[FOFreddie]

Here is the ERCF Filing for FMCC at the end of the 3Q. The 2.5% level is the same as Tier 1 capital requirement or $ 70 bn. If you assume that the SPS is converted to Retained Earnings (except for the original $ 1bn ) CET1 capital is approx $ 47 bn so even at 2.5% - FMCC is short $ 23 bn. With a DTA add back of approx. $ 5 bn and a JPS Conversion of $ 14 bn - FMCC will get really close by year end 2025 at the 2.5% level.
I should mention that when I said there was a negative common stock balance on the Balance Sheet - I meant Treasury Stock - you can see it all on Page 8.

https://www.freddiemac.com/investors/docs/3Q25_ercf_public_disclosure.pdf