---
schema_version: "secwatch.filing_event.v1"
accession: "0000310522-25-000004"
form_type: "8-K"
ticker: "FNMA"
cik: "0000310522"
company_name: "FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE"
filed_at: "2025-01-07T23:59:59+00:00"
generated_at: "2026-05-28T09:27:49.270588+00:00"
event_type: "regulatory"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000310522-25-000004
- form_type: 8-K
- ticker: FNMA
- cik: 0000310522
- company_name: FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE
- filed_at: 2025-01-07T23:59:59+00:00
- event_type: regulatory
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/310522/000031052225000004/0000310522-25-000004-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/310522/000031052225000004/fnm-20250102.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000310522-25-000004
- JSON: https://secwatch.observer/filing/0000310522-25-000004.json
- Plain text: https://secwatch.observer/filing/0000310522-25-000004.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.