Fannie Mae-No Politics (FNMA)

[LuLeVan]

"The only feasible avenue for release includes a full conversion of the SPS. A write down doesn't help with the capital requirements, a conversion does."

I think you're wrong here. The capital levels (including CET1) increase by $191 billion when the SPS disappear from the balance sheet. It doesn't matter whether the SPS disappear by write-down or by conversion to commons.