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      "text": "We continue to view Fannie and Freddie as valuable perpetual options on their eventual exit from conservatorship due to their widely acknowledged irreplaceable role in U.S. housing finance",
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      "text": "Oral arguments held December 9th with decision expected by June 2021. Court expected to rule on the lawfulness of the net worth sweep and the legality of FHFA's structure.",
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      "text": "Progress during Trump administration fell short of articulated goals. Capital rule finalized in November 2020 at 4.0% of assets and guarantees. PSPA modification announced in January 2021 was a mixed bag.",
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      "text": "Net worth sweep suspended until required capital is reached, increasing maximum capital retention from $45bn to over $300bn. No recognition that Treasury's Senior Preferred investment has been repaid. Balance due to Treasury continues to increase for every dollar of capital retained.",
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      "text": "(1) Preferred Stock Purchase Agreement.",
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