The question is, why on earth did you stop in 10 years? If you take the last 12 years (as of end December 2011), the outcome is $236B and that's Common Equity (Net Worth on the Balance Sheet, that belongs to the common shareholders), including a charge for the CECL Accounting Standard adoption in January 2020.
With the accumulated losses in the prior 3 years and a half and adding it up to the Common Equity balance as of June 30, 2008, plus the PLMBS lawsuit settlement and a refund of the CRT expenses, net (turned into Retained Earnings), the outcome is the figure of Common Equity per stock that I posted yesterday: $116. That is, Common Equity = $134B. NECESSARY FOR THE RESUMPTION OF DIVIDEND PAYMENTS AND JPS's PAR VALUE VALUATION.
What you are promoting is the Separate Account plan that later you deny, because your stance contending that
Fannie Mae's Net Income was $134B the last 10 years
, is based on the same premise: no capital distributions to no one (dividends and SPS LP increased for free). What is set forth in the law and basic finance.
CET1 (CE plus regulatory adjustments) = 2.7% of the Adjusted Total Assets, which means that Fannie Mae could redeem the JPS (AT1 Capital) in full at their fair value of par value, complying with the ERCF requirement of Tier 1 Capital > 2.5% of ATA.
There is no such thing as "release" with FnF badly injured, so they turn into a factory of stock offerings for the hedge fund managers lying in wait. BUSTED.
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