Fannie Mae-No Politics (FNMA)

[Wise Man]

The only contract is the one with the U.S. Congress, called Charter Act, where is set forth their only authorized activities, restrictions and privileges like exemptions in taxes, in registration of securities, although FnF do register them with the S.E.C. as usual, a special rate on a UST backup of their operations as a last resort, etc.
FnF are congressionally-chartered private corporations, which is what the "government-sponsored private corporations" means, in the 1968 Privatization of Fannie Mae Act (image).

Any attempt to conceal the Charter Act, like the corrupt litigants in court or Mark Calabria claiming that there is no government guarantee on their MBS without specifying that it's a key feature captured in the Charter Act, etc., must be rooted out.
Let alone the attempt to use the SPSPA as a Charter 2.0 written by officials sat at a table during a luncheon "in a glass-walled room" (Paulson's book transmitting a sense of transparency).
There is nothing more clear than the Charter Act and the FHEFSSA of 1992 that evaluates their financial condition and the reason why the capital distributions are restricted when FnF are undercapitalized IN GENERAL.
A conservatorship isn't a state that allows breaking the existing laws, just because you don't like what they state.
Otherwise it would attract all the bad actors throughout the country (Johnny "9 fingers", etc), that turn a Conservatorship into a playground for the extortion of money from enterprises.
BOTTOM LINE
No matter how you dress the SPSPA up. It's more like a fact sheet, not a contract, as pointed out yesterday.