Fannie Mae-No Politics (FNMA)

[LuLeVan]

One thing the "treat past NWS payments as paying down the seniors" argument misses is that if the seniors were to be paid off completely, the funding commitment would disappear. That would send seismic shockwaves through the MBS market, and the SPSPAs don't allow FnF to do this anyway.

Hadn't the government given an implicit guarantee for the MBS in the many years before the conservatorship began? At that time, the SPS did not even exist.