Fannie Mae-No Politics (FNMA)

[familymang]

In theory we continue building capital organically.

Nice "theory", but that capital is accrueing to the benefit of only one party (UST) via increased LP $ for $. The NWS itself wasn't stopped, they just replaced a cash sweep with an in-kind LP sweep. And absent another PSPA amendment, the status quo as detailed in the Mnuchin/Calabria Letter agreement has the cash sweep turning back on once the GSEs hit their capital requirements some time in ~2040. So the current path we are on leaves nothing for anyone but UST even if the GSEs were to exit cship. Thats the cold reality of the situation. We need political action to do another PSPA amendment or we are doomed as is.