Fannie Mae-No Politics (FNMA)

[JSmith5]

Read the contracts there is no provision that allows for a conversion - NOT going to happen.
There are only a few JPS contracts out there that will allow for it the majority of them have no clause for conversions.

Again - I am not going to get into an exchange on you comment - the only way one can interpret your comment is that, because the contracts themselves have no provision for conversion, you cannot convert them - so its not, as in can not, going to happen.

The point of my comment is that you have to go beyond the contracts themselves to some of the overall governing documents and these say that you can amend the contracts by 2/3 vote for each series.

Nats