Fannie Mae-No Politics (FNMA)

[bcde]

"Such an unwinding would leave the seniors in place, though, because FnF never had the option to voluntarily pay them down."

Once again this is peddling the same misleading narratives.

Under original SPSPA liquidation preference value changes based on draws and repayments.

Only after third amendment that FnF are forced to pay all their net worth to UST as dividend at the end of each quarter.

But is there any restriction to pay off SPS before end of each quarter?