Fannie Mae-No Politics (FNMA)

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This is interesting

But under HERA, FHFA could have thrown the two companies into receivership with an eye to liquidation—but only subject this caveat. Their orderly liquidation could not allow FHFA, and hence Treasury, to grab unilaterally all the assets of these two GSEs.

and

When FHFA chose the conservatorship route it avoided any immediate shareholder challenges that its actions confiscated the private wealth of the shareholders.