Fannie Mae-No Politics (FNMA)

[Sogo]

But conservatorship is temporary. That's the purpose of it. I know there is no legal force that can compel a conservatorship to be successful in that the companies return to solvency, but in this case the companies were successful and the conservator is the party who did and continues to do the existentially threatening damage to its ward.

An investor could reasonably expect, yes "expect" that a conservatorship will be temporary. Such an investor could also be said to be speculating that that will be the case, because nothing can compel success. But it's a reasonable expectation that conservatorship will be temporary. What an investor can't expect, is that the party in charge of improving the GSEs would in fact be the same party that ended up causing the GSEs' demise. So they could certainly argue standing even if they had bought after the NWS.