Fannie Mae-No Politics (FNMA)

[Commons_Cancelled]

SPS Cramdown equals instant recapitalization, so Dividends would resume the following quarter most likely.

JPS Conversion happens with near certainty if the GSEs actually have to raise capital from selling Common stock. This is the most likely scenario.

Those court cases are all irrelevant at this time. Sweeney won't be making any rulings until end of '21, likely into '22, and any judgment helping Plaintiffs will be appealed for years to come.

And I wouldn't expect any of that money to come back to the GSEs in the event of a SPS Cramdown. That will just be dividends on the Treasury's Sr. Preferred shares, since the GSEs weren't allowed to pay them back ever as per the Contracts the Board of Directors signed. Best case, they'll get whatever amount over the 10% moment back