My recollection is that Fannie and Freddie haven't had that situation since 2012, except for possibly the quarter when the tax rates changed and they were forced to write down their tax assets.
My recollection is that they have paid Federal Income Tax every year since 2012.
Their balance sheets show accumulated deficits. It is voodoo accounting to prop up the Senior Preferred Shares. When the SPS is written down, as requested by David Thompson, the accumulated deficit will magically disappear.
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