Calabria cant stop conserve without Mnuchin.
Nor does any PS have any right to vote on anything, they think they do but that is just false.
The following covenants apply to the GSEs as part of the agreements.
Without the prior consent of the Treasury, the GSEs shall not:
Make any payment to purchase or redeem its capital stock, or pay any
dividends, including preferred dividends (other than dividends on the senior
preferred stock)
Issue capital stock of any kind
Enter into any new or adjust any existing compensation agreements with
“named executive officers” without consulting with Treasury
Terminate conservatorship other than in connection with receivership
Sell, convey or transfer any of its assets outside the ordinary course of business
except as necessary to meet their obligation under the agreements to reduce
their portfolio of retained mortgages and mortgage backed securities
Increase its debt to more than 110% of its debt as of June 30, 2008
Acquire or consolidate with, or merge into, another entity.
• The senior preferred stock shall not be entitled to voting rights. In a conservatorship, voting
rights of all stockholders are vested in the Conservator.
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