Fannie Mae and Treasury amend SPSPA: covenants removed, Treasury consent needed for conservatorship exit

FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE

Removed suspended covenants: single counterparty volume cap, multifamily volume limit, higher-risk and investment property acquisition limits.
FHFA cannot terminate conservatorship without Treasury's written consent except in mandatory receivership.
Fannie Mae must comply with Enterprise Regulatory Capital Framework as amended from time to time, not fixed to Dec 2020 rule.
Side Letter: FHFA must issue public RFI, provide market impact assessment, and Treasury will consult President before consenting to any conservatorship exit.
Senior preferred stock certificate corrected to add Series T and remove Series 2008-1.

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