Monday, October 31, 2022 12:12:25 PM
Only if Treasury does so voluntarily.
What you're thinking of it Section 6.12 in the original SPSPAs (which has not been amended):
The key part is "Purchaser may, in its sole discretion". The Purchaser here is Treasury. If the entire SPSPAs get unwound, Treasury would be forced to send $300B of cash back to FnF for basically nothing in return.
It's safe to say that Treasury will never voluntarily choose to do that. Therefore that clause in the SPSPAs is a giant nothingburger.
Thinking that it is automatic, and thus that any ruling against FHFA or Treasury will result in an enormous shareholder windfall, is yet another piece of common nonsense.
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