Fannie Mae-No Politics (FNMA)

[GAK-]

Timeline?




Sept 14 - Final Listening Session
Sept 28 - Finalize Capital Rule
Oct 16 - Relist on NYSE
Oct 30 - Settle Lawsuits?
Nov 6 - Amend PSPA
Nov 13 - Approve GSE capital plans
Nov 20 - Convert Pfds
Nov 30 - Release (under consent decree, depending on election outcome)


It seems that FHFA could not approve any capital plans that do not have clarity on the final PSPA. But pushing capital plans into Nov gives very little time for the advisors to do a roadshow with investors before inauguration day.

Obviously, SCOTUS has not ruled against FHFA at this point, so Calabria is safe in his position until they do. So perhaps the time horizon should not be 1/20/2021, but more like the summer of 2021