Well stated, a very clearly analyzed FNMA conditional conundrum, I applaud your reasoning and insight here. Technical vs equity, check. Quick excuse vs proof of
work, check. Contained uncertainty toward eventual release from conservancy, CHECK!
If you ever had the chance to watch Cool Hand Luke, its the seemingly paralleled statement where we see the Boss Godfrey character behind mirrored sunglasses
listening to the Captain's (Strother Martin) infamous line as Warden. Luke mimics him saying "What we have here is a failure to communicate".
When Boss is shot and the sunglasses get run over, we all know the movie is over.