Fannie Mae-No Politics (FNMA)

[LuLeVan]

The 4th Letter Agreement of January 2021 is a stealth continuation of the NWS: The government gets more SPS LP for free - 1 to 1 for every dollar FnF earn - that doesn't show up on the official balance sheet, giving the illusion that FnF are building capital out of retained earnings.

The whole thing is so cleverly disguised that the Supreme Court in June 2021 could play dumb and claim "The NWS was ended".

Mnuchin and Calabria did a terrific 👺 job.

The Supreme Court already said that the NWS, in the form that it existed when it was signed in 2012, was ended.