Replies to post #558008 on Fannie Mae (FNMA)

[Here I am]

No with a $148 billion Treasury refund and an initial Capital Surplus provided by the Treasury in the form of purchases of noncumulative SPS.
FnF can continue building up Capital with retained earnings while paying a small dividend to the SPS until fetching a 100% Capital Surplus over their Adequate Capital level. This isn't a regulatory capital threshold but it's been proven that the Capital Surplus that FnF had before 2009 wasn't enough.
Notice that the dividend payment to the Commons can be suspended during many years, but it doesn't affect their valuation.