Fannie Mae-No Politics (FNMA)

[EternalPatience]

I am not expert on this, but here is one angle to it (I did read your points on why the fees would not be correct,)

there was always an implicit guarantee (assumed by the market) that the GSE will not be allowed to fail ever..

So going forward, could TSY expect a quarterly or annual fee from the GSEs for this implicit guarantee to become an explicit guarantee? Probably

They could have the SPSPA always retain with them for a doomsday scenario of receivership down the line in the next 50 years of another goof up by the housing market, but freeze it from growing, but go with this guarantee fee from the GSEs for all profitable quarters? That might be a solution.. Definitely too simple and will not be that easy.. That could be one way out.. who knows.