Fannie Mae-No Politics (FNMA)

[DaJester]

DoNotUnderstand,

Yes, it states this in the SPSA:
6. No Conversion or Exchange Rights
The holders of shares of the Senior Preferred Stock shall not have any right to convert such shares into or exchange such shares for any other class or series of stock or obligations of the Company.

However, this doesn't mean it's not possible to happen. FHFA and Treasury simply have to agree to another amendment to change these terms. Treasury doesn't have the *right* to convert, but FHFA can *offer* them to convert, if that makes sense.

Whether FHFA does or doesn't offer conversion, or what they may offer may depend on directions given to the FHFA Director by our Executive leader. IMO, Sandra Thompson isn't going to offer anything to Treasury, as she is awaiting instructions that may or may not be coming.