Fannie Mae-No Politics (FNMA)

[Wise Man]

You are doing great as a stand-up comedian, for the moment when you have to play the fool before S.E.C. and DOJ attorneys and FBI agents specialized in organized crime.
A SPS is a security, not a product (activity)
If the law contemplates any (Subsection (c)) redeemable obligation (Subsection (b)), it means "any" . It includes SPS.
The key is "redeemable" (at the option of FnF): the UST can't overstay either as Debt holder or Equity holder.