Fannie Mae (FNMA)

[kthomp19]

We have been through this many times on this board.

It's not HERA that forbids FnF from buying back their shares, it's the original SPSPA.

Section 5.1, page 8 (emphasis added):

5.1. Restricted Payments. Seller shall not, and shall not permit any of its subsidiaries to, in each case without the prior written consent of Purchaser, declare or pay any dividend preferred or otherwise) or make any other distribution (by reduction of capital or otherwise), whether in cash, property, securities or a combination thereof, with respect to any of Seller’s Equity Inter-ests (other than with respect to the Senior Preferred Stock or the Warrant) or directly or indirectly redeem, purchase, retire or otherwise acquire for value any of Seller’s Equity Interests (other than the Senior Preferred Stock or the Warrant), or set aside any amount for any such pur-pose.

There, it's been proven. All that your questioning tells me is that you haven't actually read the SPSPAs carefully. As an investor I highly recommend you do so, along with the amendments, warrants, and senior stock certificates. They dispel many common myths around here.

Those can all be found from links on this page.