Fannie Mae-No Politics (FNMA)

[big-yank]

Please see the "Covenants" section of Fannie Mae 2015 Form 10-K, pages F-54 & F-55 which clearly delineate the areas within the Senior Preferred Share Purchase Agreement that must obtain prior written approval from the U.S. Department of Treasury. This confirms exactly what you stated. The Director is not empowered to act autonomously without UST consent in pretty much any way (other than a declared insolvency).