Fannie Mae-No Politics (FNMA)

[Zmarzz]

Isn't it customary in the United States for preferred stocks to be given almost as much deference or preferential treatment as bonds?
If something goes wrong here with FnF, I can easily imagine that the common shares would be wiped out, but almost certainly some consideration would be given to the owners of the preferred shares.
Perhaps not the original cost of $25/share, but still a significant fraction.