Fannie Mae (FNMA)

[Guido2]

Question: Can there be any outside capital raise without the elimination of the SPS?

If the answer is no (common sense), what happens when it is removed from the balance sheet? The common equity increases by that corresponding amount. So the Common Equity Tier I (CET1) easily surpasses the 4.5% whether you are looking at September 30, 2019 (used by Calabria) or March 31, 2020 (used by YanksGhost).

Since you haven't bothered to read Calabria's plan, I have copied the relevant section, "... a tailored exception to allow for some distributions on an Enterprise’s newly issued preferred stock might increase investor demand for the offerings of those shares. Similarly, a tailored exception for some limited regular dividends on an Enterprise’s common stock might increase investor demand for those shares."

So there's absolutely no need for conversion now or later.

As two other posters have been saying: Facts Matter.