Fannie Mae-No Politics (FNMA)

[Potty]

Donot, FHFA as concservator, and Treasury, will negotiate a new SPSA -- just like they negotiated the first one

This is not a question of Treasury's right, Treasury had no right to implement the NWS -- rather FHFA standing for companies agree to NWS in return for something in the amended SPSA

So, this time around, FHFA might agree to let Treasury convert senior to common, since it furthers RnR, and that would be formalized in another amendment to SPSA -- though obviously there are all kinds of permutations

Lots of posters here get all confused about what is in EARLIER SPSA -- but FHFA and Treasury are negotiating amended (ie new) agreements and they can agree to what they like (consistent on FHFA's side with its obligations as concervator which was not respected in third amendment imho)