Fannie Mae Preferred S (FNMAS)

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"The PSPAs do not allow for dividends to reduce prior draws.......Prior to 2012, most dividends have been paid from funds acquired with additional draws. Given the changes to the PSPAs, after 2012 all future dividends are projected to be paid out of comprehensive income. "

Given your statement, the dividend has Not gone toward paying down the debt prior to 2012 and it appears NOR will the profit sweep/ variable dividend 2012 and beyond.