Fannie Mae-No Politics (FNMA)

[FOFreddie]

Hi Donot - here is the Freddie ERCF Filing - both Fannie and Freddie have to disclose their regulatory capital balances quarterly. You can see on Page 8 with is the Reconciliation of the Balance Sheet accounts to the regulatory capital amounts that FMCC has a NEGATIVE ERCF CET1 Balance of Negative $ 24 bn. You can also see that the FMCC SPS account balance is $72 bn - the footnote notes that the original balance was $ 1 bn before the NWS and Amendments started the accounting fiction. FMCC will not be at the ERCF CET1 2.5% level for two years unless the JPS is converted and will not be at the ERCF CET1 Level with Buffers for several years unless the ERCF levels are revised downwards or new equity is raised.
Any recap of equity is a reallocation of the equity accounts on the right side of the Balance Sheet.

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