Fannie Mae (FNMA)

[kthomp19]

Wouldn't / couldn't the $69Billion be paid from the extra money they didn't give to Treasury?

Wouldn't FnF have more retained to pay from?

I meant that Treasury would owe FnF $69B, not the other way around. That decreases by the $18.7B per year that FnF are not paying Treasury ever since the September 2019 letter agreement, because without the NWS (and holding everything else equal) FnF would be paying $18.7B per year right now to Treasury but would have $69B more net worth to pay it from.

This does mean that if the unwind somehow happens 4 or more years from now, FnF will actually owe Treasury cash to make up for all the years of not paying them anything because $18.7B * 4 > $69B. I certainly hope it doesn't take that long.

And there were many things that most likely wouldn't have happened if it not were for the 3rd amendment. I would think so.

Almost certainly yes. But I don't think those things can be quantified.

Even after this hypothetical NWS unwind, FnF wouldn't have enough core capital to meet the base no-buffers leverage capital requirement Thompson set out, so they would still be in conservatorship.