Fannie Mae-No Politics (FNMA)

[Wise Man]

All the Preferred Stocks are permanent securities, but redeemable at the option of the issuer, by definition.
Continuing with the idea of debentures in the post I'm replying to.

The SPS are no different, regardless of the 5th PA amendment of September 2019, where Mnuchin/Calabria wrote an "Optional pay down of SPS liquidation preference upon termination of the commitment", in an attempt to thwart the separate account plan.
Pointless. At the time, all the SPS LP corresponding to the draws from Treasury, was long gone (end of 2013/2014) as per the exception to the Restriction on Capital Distribution by statute, U.S.Code §4614(e), and the SPS LP increased for free as of December 2017, is used to hold the common equity in escrow in order to uphold both the FHFA-C's Rehab power and another exception to the Restriction on Capital Distributions: for their Recapitalization, CFR 1237.12 (Though this effect is concealed when this SPS LP and its offset -reduction of Retained Earnings account-, is missing on the balance sheets), and it'll be cancelled with the FHFA-C's Incidental Power: "Any action authorized by this section,....in the best interests of the FHFA".
Any action, like: "Just joking. Zing!"